Some billionaires who previously shunned cryptocurrencies are now turning to digital assets as a hedge against more traditional cash or currency holdings, according to news reports.
Interactive Brokers founder Thomas Peterffy, for example, warned against the danger of Bitcoin futures in a full-page ad in the Wall Street Journal in 2017, Bloomberg writes. Now, Peterffy — who’s worth $25 billion — believes 2% to 3% of a person’s wealth should be in crypto “in case fiat currency goes to ‘hell,’” according to the news service.
“I think it can go to zero, and I think it can go to a million dollars,” Peterffy told Bloomberg. “I have no idea.”
In October, meanwhile, Interactive Brokers rolled out trading in Bitcoin, Ethereum, Litecoin and Bitcoin Cash to its registered investment advisors in the U.S., as reported.
Peterffy tells Bloomberg that the firm will offer the option to trade in five to 10 more cryptos later this month.
Meanwhile, Bridgewater Associates founder Ray Dalio — who only months ago questioned the use of crypto for storing wealth — has revealed that he’s holding Bitcoin and Ethereum as a hedge against inflation and as an alternative in a world where “cash is trash,” according to the news service.
Additionally, a recent survey of family offices doing business with Goldman Sachs found that almost half of them are interested in adding crypto, Bloomberg writes.
Not everyone is a convert: Citadel founder Ken Griffin recently said that the embrace of crypto was a “jihadist call” against the U.S. dollar, according to the news service.
That said, Griffin said his firm would trade cryptocurrencies if they were better regulated, Bloomberg writes.
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