More billionaires invest in cryptocurrencies to avoid inflation

The number of billionaires investing in cryptocurrencies increased last year, and that trend could continue into 2022 as fears of inflation increase.

Anti-cryptocurrency investors are increasingly turning to Bitcoin and other cryptocurrencies as a hedge against inflation concerns.
An example is Hungarian billionaire Thomas Peterffy, in a Bloomberg report January 1, he said that people should be cautious of having 1-2% of their portfolios in crypto assets as a hedge against fiat. "Go to Hell". His fortune is said to be worth $3 billion.

Peterffy's company, Interactive Brokers Group Inc., has announced that it will offer crypto trading to its clients in mid-2020 after demand picks up.

The company currently offers Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, but will expand by 5-10 coins this month.

Peterffy, who holds an undisclosed amount of cryptocurrency, says that there is a possibility that digital assets can be obtained “extraordinary profits” even if some of it could go to 0.

“I think some could go to zero and some could go up to a million dollars,” he say.

In early December, the billionaire predicted that Bitcoin could skyrocket to $12 before the market started to plummet.

Bridgewater Associates founder, Ray Dalio, is another famous billionaire who revealed his portfolio contains some Bitcoin and Ethereum last year. The revelation comes just months after he cast doubt on the cryptocurrency's properties as a store of value.Peterffy's company, Interactive Brokers Group Inc., has announced that it will offer crypto trading to its clients in mid-2020 after demand picks up.

The company currently offers Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, but will expand by 5-10 coins this month.

Peterffy, who holds an undisclosed amount of cryptocurrency, says that there is a possibility that digital assets can be obtained “extraordinary profits” even if some of it could go to 0.

“I think some could go to zero and some could go up to a million dollars,” he say.

In early December, the billionaire predicted that Bitcoin could skyrocket to $12 before the market started to plummet.

Bridgewater Associates founder, Ray Dalio, is another famous billionaire who revealed his portfolio contains some Bitcoin and Ethereum last year. The revelation comes just months after he cast doubt on the cryptocurrency's properties as a store of value.

Now, he has changed that stance and considers crypto asset investments as “alternative money” in a world “cash is trash” with inflation eroding purchasing power.

At the end of December, Dalio commented that he was impressed by how cryptocurrencies exist, before saying that “Cash, which most investors think is the safest investment, is, in my opinion, the worst.”

Billionaire hedge fund manager Paul Tudor Jones also bought Bitcoin last year, seeing the move as an inflation hedge.

Stimulus packages caused by the pandemic have caused economic instability around the globe, the consequences of which could last for decades. In the United States, inflation is at a four-decade high of 4%. This has caused the Consumer Price Index (CPI) to skyrocket due to the increasing cost of everyday goods.

Billionaires have seen the danger signs with fiat currencies and central bank manipulation, and they are increasingly turning to crypto assets. 2022 will likely see more wealthy investors join the ranks if this trend continues.