More billionaires are turning to cryptocurrencies due to fears of statutory inflation

Previously anti-cryptocurrency investors are increasingly turning to Bitcoin and similar products to hedge against fiat currency inflation concerns.

An example is Thomas Peterffy, a Hungarian-born billionaire who stated in a Bloomberg report on January 1 that it is prudent to spend 2-3% of his personal portfolio in encrypted assets, in case of fiat currency” Go to hell”.he is It is said that Valued at 25 billion U.S. dollars.

Peterffy’s company Interactive Brokers Group Inc. announced that it will Provide encrypted transactions to its customers In mid-2020, with the increase in demand for this asset class. The company currently offers Bitcoin, Ethereum, Litecoin and Bitcoin Cash, but will add another 5-10 coin options this month.

According to Bloomberg News, Peter Fei himself holds an undisclosed amount of cryptocurrency. He said that digital assets may obtain “extraordinary returns”, even if some assets may become zero. “I think it can be zero, I think it can reach a million dollars,” he added, and then “I don’t know.”

In early December, the billionaire predicted that Bitcoin could surge to $100,000 before the market began to fall back.

related: Tom Peterffy believes that Bitcoin may rise to $100,000 before the crash

Ray Dalio, the founder of Bridgewater Associates, is another well-known billionaire. Last year he revealed that his portfolio contains some Bitcoin and Ethereum. This revelation came months after he questioned the nature of cryptocurrency as a store of value.

He has now changed this position and regards crypto asset investment as an “alternative currency” in a world where “cash is rubbish” and inflation is eroding purchasing power.

In late December, Dalio commented that he was I am very impressed by the duration of the encryption, Saying “Cash, most investors consider the safest investment, I think, is the worst investment.”

Billionaire hedge fund manager Paul Tudor Jones also Bought bitcoin last year, Marking this move as a hedge against inflation.

The stimulus package triggered by the pandemic has already triggered economic turmoil on a global scale, the consequences of which may last for decades. In the United States, the inflation rate is 6.8%, the highest level in 40 years.This resulted in a The consumer price index soars (CPI) As the cost of daily necessities continues to increase.

Billionaires have seen dangerous signs of fiat currency and central bank manipulation, and they are increasingly turning to encrypted assets. If this trend continues, more wealthy investors may join them in 2022.

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