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Fear of inflation: Billionaires are increasingly turning to crypto

 


More and more billionaires are investing in cryptocurrencies and this trend could continue as fears about inflation grow.


nvestors who were previously cryptocritical are increasingly turning to Bitcoin ( BTC ) and Altcoins to hedge against inflation.


One example is Hungarian billionaire Thomas Peterffy, who said in a Bloomberg report on Saturday it would be wise to keep 2-3 percent of your portfolio in cryptocurrencies just in case Fiat "goes to hell". His net worth is believed to be around $ 25 billion.


Peterffy's company called Interactive Brokers Group Inc. announced that it would offer its customers trading in cryptocurrencies from mid-2020 because the demand for it has increased. The company currently offers Bitcoin, Ether ( ETH ), Litecoin ( LTC ) and Bitcoin Cash ( BCH ), but will expand this selection by another 5 to 10 coins this month.


Peterffy himself holds an unknown amount of cryptocurrencies and said it was possible that digital assets could generate "extraordinary returns" even if some could go to zero. "I think it can go to zero and I think it can go to a million dollars," he said. He also said: "I have no idea."


The founder of Bridgewater Associates and also billionaire Ray Dalio revealed last year that he has some Bitcoin and Ether in his portfolio. Just a few months earlier, he had questioned the properties of cryptocurrencies as a store of value.


He has since changed that stance and sees crypto investing as "alternative money" in a world where "cash is junk" and inflation is undermining purchasing power.


In late December, Dalio commented that he was impressed that crypto had held up. He said, "Cash, which most investors consider the safest investment, is the worst investment I think."


Billionaire and hedge fund manager Paul Tudor Jones also bought Bitcoin last year and said it would protect himself from inflation.


The pandemic stimulus packages have led to economic turmoil around the world, the effects of which could still be felt for decades. In the United States, inflation is 6.8 percent, its highest level in four decades. This has led to an  increase in the consumer price index  as the cost of everyday goods continues to rise.


Billionaires are already realizing the dangers of fiat currencies and central bank interference and are increasingly moving to crypto assets. More wealthy investors could join in 2022 if the trend continues.

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