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Lichtenstein’s Crown Prince Alois might invest in blockchain-related companies and cryptocurrencies as a potential strategy to restore his family’s wealth. He shared this in an interview with CNBC, and stated that cryptocurrencies like Bitcoin might be worth investing in because of their potential.

“Particularly with this whole new digital economy, it is something to look into more into in the future,” Alois said on Friday.

The prince agreed that cryptocurrencies could be “very risky,” but the technology backing them could be implemented by the princedom.

“Blockchain will change a lot of things, it could even help make our state more efficient the way it is administered,” Alois noted.

The Crown Prince conceded that he didn’t have any experience with digital currencies, but is looking into them.

With a population of about 38,000 people, Liechtenstein is a microstate located between Switzerland and Austria. The state acts as a tax haven, which has represented a significant contribution to the country’s wealth. However, the principality seems to redirect and promote itself as a legitimate financial center.

The microstate is officially headed by the Prince of Liechtenstein Hans-Adam II, but at the practical level, Crown Prince Alois is considered to be in power.

Prince Hans-Adam II is worth $4.4bn and holds a collection of artwork and two palaces in Austria, which makes him the richest monarch on the continent. The wealth has been inherited since the 12th century and is invested now in a banking group that serves some of the wealthiest individuals in the world.

After the WW2, the royal family had to sell its art collection, but it has been largely recovered since. Now the family plans to invest in other assets, such as Bitcoin.

The announcement came amid a huge decline in Bitcoin’s price, as it fell to the lowest level since November 14, 2017. At the time of writing the leading digital currency is trading around $6,500.

Lichtenstein is not the only monarchy showing interest in blockchain and cryptocurrencies. In October last year, the city and Emirate of Dubai announced that it intended to become the world's first blockchain-powered government by 2020.