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More and more billionaires are turning to cryptocurrencies for fear of fiat inflation

3 min reading

Billionaires are continuing to invest in crypto as fear about fiat is increasing.

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Previously, anti-crypto investors had increasingly turned to Bitcoin and its partners to hedge against fiat currency inflation fears. One example is Hungarian-born billionaire Thomas Peterffy, who said in a Jan. 1 Bloomberg report that it would be wise to own 2-3% of your cryptocurrency portfolio in case Fiat "goes to hell". It is said to cost $25 billion.

Peterffy’s company, Interactive Brokers Group Inc., has announced that it will offer crypto trading to its clients in mid-2020 as the demand for the asset class has increased. The company currently offers Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, but will be adding another 5-10 coins this month. Peterffy, who holds an unknown amount of cryptocurrency, said digital assets could generate “tremendous returns” even if some could hit zero, according to Bloomberg. "I think it could be zero and I think it could be a million dollars," he added before saying, "I don't know."

In early December, the billionaire estimated that Bitcoin could surge to $100,000 before the market went down. Bridgewater Associates founder Ray Dalio is another well-known billionaire who revealed last year that his portfolio is low on bitcoin and Ethereum. The revelations come just months after he questioned the property of cryptocurrencies as a means of storing value. He has now changed that position and sees investing in crypto assets as “alternative money” in a world where “money is trash” and inflation undermines purchasing power.

In late December, Dalio stated that he was impressed with cryptocurrencies, saying, “Money that most investors consider the safest investment is the worst investment in my opinion.” Billionaire hedge fund manager Paul Tudor Jones also bought Bitcoin last year and described the move as a hedge against inflation. The stimulus package for the pandemic has triggered worldwide economic turmoil that could last for decades. In the United States, inflation was the highest in four years at 6.8%. This led to an increase in the consumer price index (CPI) as the cost of everyday goods continued to rise.

Billionaires are already seeing signs of the threat of fiat currencies and central bank disruption and are increasingly turning to cryptocurrencies. More wealthy investors could join in in 2022 if the trend continues.

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