More billionaires turning to crypto on fiat inflation fears
The number of billionaires who have invested in crypto increased last year, and that trend could continue into 2022 as fears over fiat intensify.
Previously anti-crypto investors are increasingly turning to Bitcoin (BTC) and its brethren as a hedge against fiat currency inflation concerns.
One example is Hungarian-born billionaire Thomas Peterffy, who in a Saturday 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, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) but will be expanding that selection by another five to 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. “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.”
Bridgewater Associates founder Ray Dalio is another renowned billionaire who revealed his portfolio contained some Bitcoin and Ether last year. This revelation came just a few months after he questioned crypto’s properties as a store of value.