xrp crypto value

More billionaires turning to crypto on fiat inflation fears

More billionaires turning to crypto on fiat inflation fears
Written by publisher team

Previously anti-crypto investors are increasingly turning to Bitcoin (BTC) and its brethren as a hedge against fiat currency inflation fears.

One such example is Hungarian-born billionaire Tomas Petervi, who said in a Saturday Bloomberg report that it would be wise to have 2% to 3% of his portfolio in crypto assets just in case he “goes to hell.” It is said to be worth $25 billion.

Peterffy’s company, Interactive Brokers Group Inc. , that it will offer cryptocurrency trading to its clients in the middle of 2020 after increasing demand for the asset class. The company currently offers Bitcoin, Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) but will expand this selection from 5 to 10 more coins this month.

Peterfi, who owns an unknown amount of cryptocurrency himself, said it is possible for digital assets to reap “extraordinary returns” even if some of them go to zero. “I think it can go to zero, and I think it can go up to a million dollars,” he added before saying.

Bridgewater Associates founder Ray Dalio is another famous billionaire who revealed that his wallet contained some Bitcoin and Ether last year. This revelation came just a few months after he questioned the properties of cryptocurrency as a store of value.

He has now changed that attitude and views cryptocurrency investments as “alternative money” in a world where “cash is trash” with inflation eroding purchasing power.

In late December, Dalio commented that he was impressed by how long cryptocurrency has lasted before saying, “Cash, which most investors think is the safest investment, is, I think, the worst investment.”

Billionaire hedge fund manager Paul Tudor Jones also bought bitcoin last year, describing the move as an inflation hedge.

Stimulus packages caused by pandemics have caused economic turmoil around the world, the repercussions of which can last for decades. In the US, inflation reached a four-decade high of 6.8%. This led to a rise in the Consumer Price Index as the costs of everyday goods continued to rise.

Billionaires are already seeing signs of danger with fiat currencies and central bank manipulation, and are increasingly turning to crypto assets. 2022 could see more wealthy investors join their ranks if this trend continues.

About the author

publisher team