Thanks to Bitcoin and cryptos, billionaires intend to remain so

crypto adviceIt is no longer just simple twittos or redditors hidden behind weird and obscure nicknames who promote cryptocurrencies. Bitcoin (BTC) and its juniors now have the support of billionaires, who want to use its unique properties to hedge against inflation.

Peterffy and cryptocurrencies: from a warning to a recommendation

The turn of billionaire Thomas Peterffy, 77 years old and weighing 25 billion dollars, to encourage investors to dive into cryptocurrencies, as reported in an article from the 1is January 2022 from Bloomberg. The man had however criticized bitcoin, warning investors against futures contracts on the latter, in the Wall Street Journal in 2017.

He now recommends dedicate 2% to 3% of your portfolio to cryptocurrencies, in case fiat money “goes to hell”. The billionaire thus reveals his concerns about inflation in a context where banks have abused the printing press. Peterfly also recognizes cryptocurrencies, through this investment advice, as a hedging asset.

Is he optimistic about the long-term future of cryptocurrencies? The Billionaire evokes two extreme scenarios for the latter:

“I think it can go to zero, and I think it can go to a million dollars”

Peterffy not only holds cryptocurrencies, but his company Interactive Brokers Group Inc has also recently offered the possibility for its customers to expose themselves to bitcoin, ether (ETH), litecoin (LTC), and bitcoin cash (BCH) in order to meet an increasingly pressing demand for the latter. The billionaire indicated that Interactive Brokers will offer from January 2022, five to ten other cryptocurrencies.

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The club of billionaires friends of bitcoin: registration of new members

Peterffy isn’t the only wealthy man holding a positive discourse on cryptocurrencies, after having fought against them in the past.

Billionaire Ray Dalio had described bitcoin in a December 17, 2021 interview with Yahoo! Finance, “as an alternative currency in an environment where the value of cash is depreciating in real terms”. In 2020, however, he criticized bitcoin, stating that it is “not very good as a store of wealth”.

But bitcoin, and cryptocurrencies in general, also have longtime billionaire friends. Salinas Pliego, the third richest man in Mexico, had offered as a Christmas and end-of-year 2021 gift, a digital gold investment advice for its 950,000 followers and more: “flee fiat, buy bitcoin! “.

The US Federal Reserve wants regain control of inflation in 2022. The next twelve months will show whether this action will be successful and will help to improve the image of the greenback while slowing the adoption of cryptocurrencies, or if these efforts will be in vain.

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