Bitcoin has become a capital preservation tool for high-net-worth investors amid increasing uncertainty, Michael Sonnenfeldt, founder of Tiger21, told CNBC.

The total assets of members in Sonnenfeldt’s ultra-wealthy investor network amount to $200 billion. The share of Bitcoin in their portfolios ranges from 1% to 3%, reaching up to $6 billion.

“Gold is for traditionalists, Bitcoin is for the new era, but they often serve the same role. They are seen as a capital preservation tool beyond government control. People feel that it offers a safe haven,” Sonnenfeldt explained.

Previously, Interactive Brokers founder Thomas Peterffy suggested that investors allocate 2-3% of their capital to Bitcoin.

Earlier, Bridgewater Associates founder and billionaire Ray Dalio referred to Bitcoin as “hard money.”