Bitcoin (BTC) has become a store of value and an instability hedge for the world’s wealthiest investors, Michael Sonnenfeld, the founder of Tiger21, said during an interview on CNBC.

The members of Tiger21, a network of high-net-worth investors and executives, collectively have a net worth of $200 billion. The members have allocated around 1%-3% of their wealth into crypto, Sonnenfeld said, which amounts to around $6 billion.

«The areas of digital currencies remain really exciting. We have some members who are all in: it’s become a gold substitute,» Sonnenfeld said on CNBC. «Gold is for traditionalists, bitcoin a bit new age, but they often play the same role. They are perceived as storehouses of value.»

BTC is up over 125% during the last year, according to CoinDesk Indices data, and is currently trading above $97,000.

Sonnenfeld also said that members’ cash holdings have hit a 17-year low, which suggests high market confidence.