There may be a literal “crypto-king” one day in the not-so-distant future. The Crown Prince of Liechtenstein said last Friday that his family is considering investing some of their $5 billion fortune in cryptocurrencies.
Crown Prince Alois Philipp Maria told CNBC that investing in cryptocurrencies can help bolster the royal family’s fortune, which, though it is sizeable now, was much reduced after World War II.
“Particularly this whole new digital economy, it is something to look into more into the future,” he said.
Despite this interest, the Crown Prince went on to say that his family currently lacks “the internal expertise” to invest directly in crypto, and that he was unsure about the future of cryptocurrencies in general, explaining:
“I think we would rather do that or are currently doing that through our general exposure via private equity, venture capital funds where we are investing. Where cryptocurrency will move to, I think that’s very open still. So I think one has to really see that it’s a very risky asset class.”
As for blockchain, Alois is more bullish.
“I think particularly the whole blockchain technology is very interesting … blockchain will change a lot of areas, a lot of businesses in the future.”
He also suggested that his government could potentially utilize the technology, saying that “I think the attractive elements of blockchain technology could be used to make the state more efficient in the way it’s administered.”
The royal family is not the only party in Liechtenstein, a small country situated between Austria and Switzerland best known for its low corporate tax rates, to be interested in cryptocurrencies and blockchain.
Bank Frick, a family-run institution located in the town of Balzers, announced in early March that it now allows clients to invest directly in cryptocurrencies including bitcoin, bitcoin cash, litecoin, XRP and ether. The bank’s announcement cited demand from companies across Europe as the impetus for its decision.
Liechtenstein flag image via Shutterstock