Billionaires Choosing Crypto Over Fiat, Afraid of Inflation

• Total Billionaires investing in crypto have escalated in the previous year, and it is expected that more billionaires will join the club amid inflation fears.
• A Billionaire did a forecast regarding Bitcoin and thinks that Bitcoin might get elevated and touch $100,000 before the market retreats.
• As of now, Bitcoin has been down by 7.42% in the last seven days and is trending at the price of $47,084.78 with a market cap of $890.5 Billion.

Increasing Interest

Formerly anti crypto investors are slowly turning their heads towards cryptocurrency, as they are getting afraid of fiat inflation that might sting them like a bee. A billionaire in a report stated that keeping 2-3% of the total portfolio in crypto assets would be prudential in case the fiat currency “goes to hell.” The individual has an estimated worth of $25 Billion as per a report.

Crypto trading will be offered to the customers by Interactive Brokers Group Inc. as per their announcement back in 2020, following the elevated demand for crypto assets. Bitcoin Cash, Litecoin, Ethereum, and Bitcoin are offered by the organization, and 5-10 coins are expected to join the queue this month.

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Peterffy, Interactive Brokers Chair, who also possesses an unrevealed amount of crypto assets, believes that cryptocurrency might yield “extraordinary returns” despite some of them becoming zero. “I think it can go to zero, and I think it can go to a million dollars,” said Peterffy. “ I have no idea,” he added.

At the start of December, it was predicted by Peterffy that there is a chance that the father currency would touch a $100,000 mark before market retreats.

Is Crypto the Solution for Inflation?

Ray Dalio, the founder of Bridgewater Associates, another prominent billionaire, disclosed that his portfolio also included Ethereum as well as Bitcoin the previous year. The disclosure came after some months after the individual raised questions regarding the properties of crypto assets as a store of value.

But it seems like the billionaire has shifted his perspective and now sees the investment in cryptocurrency as “alternative money” in a globe where “cash is trash” where purchasing power is getting eradicated by inflation.

By the end of December, Ray stated that he was impressed how bitcoin has survived before saying that, “Cash, which most investors think is the safest investment is, I think, the worst investment.”

Paul Tudor, manager of Billionaires hedge fund, also purchased Bitcoin the previous year, tagging the act as a hedge as opposed to inflation.

Stimulus packages induced out of pandemic have caused turbulence worldwide and can result in fallout that might stay put for years. In the US, the inflation rate is 6.8%, which is the highest in the last 4 decades. CPI has elevated due to this, eventually increasing the prices of daily consumer goods.

Perils are already being observed by the billionaires in the central bank manipulation and fiat currency, and they are turning their heads towards crypto assets. More affluent persons might be joining the queue in case the trend continues.