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Billionaires are accepting cryptocurrency to prevent fiat currencies from falling into “hell”

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According to Bloomberg News, in 2017, Thomas Peterffy published a full-page advertisement in the Wall Street Journal to warn of the dangers Bitcoin brings to the capital market. Recently, the Hungarian-born American billionaire is gradually accepting cryptocurrency. Peter Fei, who is worth 25 billion US dollars, said that it is prudent to invest 2% to 3% of personal wealth in cryptocurrency to prevent fiat currencies from falling into “hell.”

He also owns some, and his company Interactive Brokers recently provided customers with the ability to trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash because he found the “urgency” for customers to participate in this action. Peter Fei believes that cryptocurrencies have the potential to reap extraordinary returns-even if the opposite is true. “I think it can be zeroed, and I also think it can reach one million dollars,” he said in an interview. “I don’t know.” His approach highlighted the shift in investors’ attitudes towards cryptocurrencies.

They used to be cautious about cryptocurrencies but realized that, especially in 2021, they couldn’t bear to miss the potential of big gains. Rey Dario recently revealed that he holds at least some Bitcoin and Ethereum in his portfolio, and a few months ago he questioned the utility of cryptocurrency as a store of wealth. The founder of the Bridgewater Fund believes that these investments are an alternative currency in a world where “cash is rubbish” and inflation erodes purchasing power.

Paul Tudor Jones revealed that his investment is to hedge against inflation, and according to a recent bank survey, almost half of the home offices that do business with the Goldman Sachs Group are interested in adding digital currencies to their investment portfolios. Digital currencies are increasingly entering the mainstream of finance, albeit with varying success rates. ProShares launched the first US Bitcoin futures ETF, which attracted more than $1 billion in funds within two days. However, since its launch in October, the inflow of funds has plummeted and prices have fallen. Cryptocurrency enthusiasts still hope that US regulators will approve an ETF that actually holds Bitcoin in 2022. Coinbase Global Inc.’s situation is better. The company has gone public and is now valued at 54 billion U.S. dollars.

According to the Bloomberg Billionaires Index, its founder, Brian Armstrong, is worth $9.7 billion. This is also a time when cryptocurrency and culture collide. One of Beeple’s NFT works was sold for $69.3 million at Christie’s auction. Tom Brady released NFTs related to his legendary career, while Katy Perry, Grimes, and the organizations behind BTS are all trying to profit from this emerging industry. The President of El Salvador, Nayib Bukele, even made Bitcoin a legal currency in his country. In 2022, the cryptocurrency marketing giant will continue to move forward-the Staples Center in Los Angeles is now renamed Crypto.com Arena, while FTX and Singapore’s Crypto.com are advertising during the Super Bowl.

Michael Novogratz, who runs Galaxy Digital Capital Management, said last month that prices may “sideways to fall” in the short term. Novogratz told Bloomberg that there will be many “bubbles” in the market in 2021 because retail investors get together to enter the NFT and pursue unusual cryptocurrency investments. He also predicted that Bitcoin will not fall below the bottom line of approximately $42,000. Its closing price this year is approximately $46,300.

Novogratz said: “So much money is pouring into this field, if the price of the cryptocurrency will be much lower than this price, it will be meaningless.” Jesse Powell, CEO of the cryptocurrency exchange Kraken Acknowledging that prices may fall, but at Bloomberg on December 14 television As mentioned above, any fluctuation below $40,000 is a “buying opportunity”. He quickly admitted that he was not always correct. In August, he predicted that the price will reach $100,000 per coin in 2021. At the same time, Katherine Wood of Ark Investment Management still predicts that Bitcoin will reach $500,000, and said last month that Bitcoin will not necessarily be adjusted.

Wall Street and the super-rich still have many skeptical voices, but there are also pragmatic voices. Citadel’s Ken Griffin recently described the upsurge in cryptocurrency as a “jihad call” for the U.S. dollar. But Griffin said that if there is more regulation, his own company will trade cryptocurrencies. JP Morgan’s Jamie Dimon called Bitcoin “worthless” in October, but at the time the New York-based banking giant was recruiting a large number of people to help its clients trade digital currencies.


Brain Curry

Brian is the news author at Research Snipers which mainly covers Technology News, Microsoft News, Google News, Facebook, Apple, Huawei, Xiaomi, and other tech news.

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