More billionaires turning to crypto on fiat inflation fears

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

One
example
is
Hungarian-born
billionaire
Thomas
Peterffy
who,
in
a
Jan.
1
Bloomberg
report,
said
that
it
would
be
prudent
to
have
2-3%
of
one’s
portfolio
in
crypto
assets
just
in
case
fiat
“goes
to
hell”.
He
is

reportedly

worth
$25
billion.

Peterffy’s
firm,
Interactive
Brokers
Group
Inc.,
announced
that
it
would
be

offering
crypto
trading
to
its
clients

in
mid-2020
following
increased
demand
for
the
asset
class.
The
company
currently
offers
Bitcoin,
Ethereum,
Litecoin,
and
Bitcoin
Cash,
but
will
be
expanding
that
selection
by
another
5-10
coins
this
month.

Peterffy,
who
holds
an
undisclosed
amount
of
crypto
himself,
said
that
it
is
possible
that
digital
assets
could
reap
“extraordinary
returns”
even
if
some
could
also
go
to
zero
according
to
Bloomberg.
“I
think
it
can
go
to
zero,
and
I
think
it
can
go
to
a
million
dollars,”
he
added
before
stating
“I
have
no
idea.”

In
early
December,
the
billionaire
predicted
that
Bitcoin
could
spike
as
high
as
$100,000
before
markets
begin
to
retreat.



Related:




Tom
Peterffy
Believes
Bitcoin
Could
Wreck
Might
Go
to
$100K
Before
Crashing

Bridgewater
Associates
founder
Ray
Dalio
is
another
renowned
billionaire
that
revealed
his
portfolio
contained
some
Bitcoin
and
Ethereum
last
year.
This
revelation
came
just
a
few
months
after
he
questioned
crypto’s
properties
as
a
store
of
value.

He
has
now
changed
that
stance
and
views
crypto
asset
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
at
how
crypto
as
lasted
,
before
stating
“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
,
labeling
the
move
as
a
hedge
against
inflation.

Pandemic-induced
stimulus
packages
have
caused
economic
turmoil
across
the
globe,
the
fallout
from
which
could
linger
for
decades.
In
the
United
States,
inflation
is
at
a
4
decade
high
of
6.8%.
This
has
resulted
in
a

surge
in
the
Consumer
Price
Index

(CPI)
as
the
costs
of
daily
goods
continue
to
increase.

The
billionaires
are
already
seeing
the
danger
signs
with
fiat
currencies
and
central
bank
manipulation,
and
they
are
increasingly
turning
to
crypto
assets.
The
year
2022
could
see
more
wealthy
investors
join
their
ranks
if
the
trend
continues.

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