Crypto advice – It is no longer just simple tweeters or redditors hidden behind weird and obscure nicknames who promote cryptocurrency. Bitcoin (BTC) and its younger siblings now have the backing of billionaires, who want to use its unique properties to hedge against inflation.
Peterffy and cryptocurrencies: from warning to recommendation
On the turn of billionaire Thomas Peterffy, 77 years old and weighing $ 25 billion, encourage investors to dive into cryptocurrencies, as reported in an article from 1er Bloomberg January 2022. The man had however criticized bitcoin, warning investors against futures contracts on the latter, in the Wall Street Journal in 2017.
He now recommends to devote 2% to 3% of your portfolio to cryptocurrencies, in case the fiat currency “goes to hell”. The billionaire thus lets show his concerns against inflation in a context where the banks have abused the printing press. Peterfly also recognizes cryptocurrencies, through this investment advice, as a hedging asset.
However, is he optimistic about the long-term future of cryptocurrencies? 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 owns cryptocurrencies, but his company Interactive Brokers Group Inc also recently offered the possibility for its customers to expose themselves bitcoin, ether (ETH), litecoin (LTC), and bitcoin cash (BCH) in order to meet an increasingly pressing demand from the latter. The billionaire has indicated that Interactive Brokers will offer from January 2022, five to ten other cryptocurrencies.
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The Bitcoin Friends Billionaire Club: New Membership Registration
Peterffy isn’t the only wealthy man to hold on a positive discourse on cryptocurrencies, after having fought them in the past.
Billionaire Ray Dalio described bitcoin in a December 17, 2021 interview with Yahoo! Finance, “as an alternative currency in an environment where the value of cash depreciates in real terms”. In 2020, he had however criticized bitcoin, indicating that it is “not very good as a reserve 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 gift 2021, digital gold investment advice for its 950,000 followers and more: “run away from fiat, buy bitcoin! “.
The US Federal Reserve wants regain control of inflation in 2022. The next twelve months will reveal whether this action will be crowned with success and will restore the image of the greenback while slowing the adoption of cryptocurrencies, or if these efforts will be in vain.
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