Scott Carpenter and Claire Ballentine report in bloomberg.com that more and more billionaires are turning to cryptocurrencies as an alternate asset class.
Highlights:
"Thomas Peterffy took out a full-page ad in the Wall Street Journal in 2017 warning of the dangers that bitcoin futures posed to capital markets.
These days, the Hungarian-born billionaire is well versed in cryptospeak. Peterffy, worth $25 billion, said it’s prudent to have 2% to 3% of one’s personal wealth in cryptocurrencies, just in case fiat currency goes to 'hell.'"
“I think it can go to zero, and I think it can go to a million dollars,” he said in an interview. “I have no idea.”
"The Bridgewater Associates founder Ray Dalio views the investments as an alternative money in a world where “cash is trash’’ and inflation erodes buying power."
"Tom Brady released NFTs tied to his legendary career, while Katy Perry, Grimes and the agency behind K-Pop sensation BTS all sought to profit from the burgeoning industry."
"Citadel’s Ken Griffin recently described the rush to embrace cryptocurrencies as a “jihadist call” against the U.S. dollar."
Source credit and full story - https://www.bloomberg.com/news/articles/2022-01-01/billionaires-dalio-peterffy-embrace-bitcoin-ethereum-as-inflation-hedge?sref=323RPL5z
It is interesting to see that these investors are considering crypto as an alternate asset class for their own reasonings and use cases, it looks like the overriding reasoning for all of them is their FOMO. What do you think?
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