[Blockchain Today Correspondent Han Ji-hye] Cointelegraph reported on the 3rd (local time) that the number of billionaires investing in cryptocurrencies is increasing as fears of the volatility of fiat currencies continue in the new year as in last year.
According to the report, investors who were previously opposed to cryptocurrencies are also showing interest in digital assets, including Bitcoin, as a hedge against concerns about fiat currency inflation.
◆Thomas Peterpy “You should hold 2-3% of your assets in cryptocurrency”
Hungarian billionaire Thomas Peterffy, known for his $25 billion net worth, said in a Bloomberg report on the 31st that “you should hold 2-3% of your assets in crypto, just in case the fiat goes to hell.” he recommended
Interactive Brokers Group Inc., owned by Thomas Peterpy, announced in mid-2020 that it will offer cryptocurrency trading to its clients. Currently, the company offers Bitcoin, Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and more, and plans to expand the selection to 10 coins total, adding 5 more during this month.
Thomas Peterpy once mentioned the volatility of cryptocurrencies, saying, “The value of some cryptocurrencies may be zero, and some may be as high as $1 million.” The amount of cryptocurrency he holds was not disclosed.
Ray Dalio: “Cryptocurrency could be an alternative to ‘cash’, the worst investment”
Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, is another notable billionaire who said last year that his portfolio included some bitcoin and ether.
Ray Dalio’s possession of cryptocurrency was revealed just months after he questioned the value of cryptocurrency. He said, “In a world where inflation, which weakens purchasing power, turns cash into garbage,” he said, “Cryptocurrency can become an alternative currency.” Ray Dalio also said in late December that “cash, which most investors consider the safest investment, is the worst investment.”
Paul Tudor Jones Buys Bitcoin as Hedging Inflation
Billionaire hedge fund manager Paul Tudor Jones is also famous for buying Bitcoin last year as a hedge against inflation.
Inflation in the United States is at its highest in four years at 6.8%. This record has resulted in the CPI soaring as the price of everyday goods continues to rise, and the global economic turmoil caused by the pandemic could last for decades.
The billionaires mentioned above are turning to cryptocurrency assets as a countermeasure after detecting the signs of risk such as the instability of the fiat currency, central bank regulation, and manipulation. If this trend continues, more billionaires will join the ranks by 2022.
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