The “cash is trash” sentiment appears to be strengthening among the world’s billionaires who are increasingly turning to crypto asset investments.
in mid-2020 following increased demand for the asset class. The company currently offers Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, but will be expanding that selection by another 5-10 coins this month.
Peterffy, who holds an undisclosed amount of crypto himself, said that it is possible that digital assets could reap “extraordinary returns” even if some could also go to zero according to Bloomberg. “I think it can go to zero, and I think it can go to a million dollars,” he added before stating “I have no idea.”
In early December, the billionaire predicted that Bitcoin could spike as high as $100,000 before markets begin to retreat.Bridgewater Associates founder Ray Dalio is another renowned billionaire that revealed his portfolio contained some Bitcoin and Ethereum last year. This revelation came just a few months after he questioned crypto’s properties as a store of value.
He has now changed that stance and views crypto asset investments as “alternative money” in a world where “cash is trash’’ with inflation eroding purchasing power., before stating “Cash, which most investors think is the safest investment is, I think, the worst investment.”, labeling the move as a hedge against inflation.
Pandemic-induced stimulus packages have caused economic turmoil across the globe, the fallout from which could linger for decades. In the United States, inflation is at a 4 decade high of 6.8%. This has resulted in aThe billionaires are already seeing the danger signs with fiat currencies and central bank manipulation, and they are increasingly turning to crypto assets. The year 2022 could see more wealthy investors join their ranks if the trend continues.
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