Billionaire Simon Nixon is looking to increase his crypto investments as more of the global ultra-rich embrace digital assets. The news comes as ‘millionaire tier’ wallets accumulate 20,000 Bitcoin in a matter of hours, per data from research analytics firm Santiment.

Seek Capital’s London managing director Adam Proctor is looking to expand its “allocation to crypto as we feel it is an important area for the future.” The firm is looking to hire an analyst that would focus on the sector said Proctor – who left Citigroup to join the Family office.

The story broke as Bitcoin prices began to slide.

In a tweet, analytics firm Santiment pointed out that “millionaire tier (addresses between 100 to 10,000 BTC in value) accumulated around 20,000 more BTC in the past 24 hours, just as markets were beginning to slide.”

“These whales continue to be a good indicator of future market direction,” the analytics firm continued.

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Family office interest in crypto has been on the up this year despite the 50% swing in mid-July, suggesting a greater acceptance of Bitcoin volatility. That volatility is ostensibly amplified when it comes to altcoins such as Ethereum, Litecoin, Monero and Dogecoin – all of which appear to have witnessed increased mainstream acceptance for a variety of reasons.

Moreover, a recent Goldman Sachs survey found that half the family offices it regularly conducts business with are eager to add cryptocurrencies to their investment portfolios, with the closely held firms seeing crypto as a possible hedge for higher inflation and sustained low interest rates.

Mexican billionaire Ricardo Salinas Pliego announced his sizeable Bitcoin holdings in November last year. Long-time Bitcoin bull Mike Novogratz and Christian Angermayer’s family office pledged to allocate $100 million into crypto-related investments over the next two years via the firm Cryptology Asset Group.

Nixon, 54, co-founded price-comparison website as a mortgage-listing company in the 90’s. He sold his shares in the company in 2016 and today managed over $1 billion of personal assets in the tech sector, according to his capital venture firm, Seek Ventures.

Surging fortunes from tech billionaires like Sergey Brin and Eric Schmidt have sparked a boom in the number of family offices. In aggregate, a 2019 estimate by Campden Wealth valued family office assets under management at nearly $6 trillion.

Notably, money supply inflationary pressures provided strong tailwinds for capital or investment-related firms.

Read More: Survey: Hedge Funds to Hold 7% of assets in Crypto in 5 years

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