Skip to main content

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.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more