Billionaires are changing their view of cryptocurrencies … erosion of the value of money is their new philosophy

After Thomas Peterffy ran a full-page ad in the Wall Street Journal in 2017 warning of the risks that i bitcoin futures accounted for capital markets, the Norwegian billionaire’s attitude changed dramatically, deeming it wise to own 2% to 3% of the wealth of individuals in cryptocurrency.

His firm, Interactive Brokers Group, recently offered clients the ability to trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, at the request of its clients.

Peterfi, 77, said his company will offer the ability to trade 5-10 currencies in more or so starting this month.

The billionaire, who has a fortune of $ 25 billion, added that it is possible for cryptocurrencies to achieve extraordinary returns even if the reverse is also true.

“I think cryptocurrencies can achieve that zero and can reach a million dollars, “he said in an interview with “Bloomberg”, which was seen by “I have no idea”.

Its stance on cryptocurrencies puts in highlights the changing attitude of investors who have mocked the token digital or were wary of it, but realized, especially in 2021, that they couldn’t afford to lose the potential for big gains.

In turn, the founder of the world’s largest hedge fund Bridgewater, Ray Dalio, recently revealed that he has at least some Bitcoin and Ethereum in his wallet after only months of doubting the cryptocurrency’s usefulness as a store of wealth.

Dalio compared the investments in cryptocurrency to alternative funds in A world in where money is junk and inflation erodes purchasing power.

According to a recent banking survey, half of the family office Goldman Sachs works with is interested in adding cryptocurrencies to their wallets.

On the price front, Galaxy Digital director Michael Novogratz last month predicted that cryptocurrencies could drop marginally, as long as Bitcoin doesn’t drop below the $ 42,000 level.

“So much money is being pumped in this space, it would not make sense for cryptocurrency prices to drop much more in low than that, “Novogratz said.

Analysts’ expectations don’t always seem right, in As much as Kraken Crypto Exchange CEO Jesse Powell admitted his earlier mistake after predicting that Bitcoin would hit $ 100,000 in 2021, but he still saw difficulty moving the cryptocurrency below the $ 40,000 level. , whereas any drop below this level is a buying opportunity.

And he wasn’t alone, as Cathy Wood, CEO of Ark Investment Management, still expects Bitcoin to hit $ 500,000.

There is still a lot of skepticism on Wall Street and even among billionaires and pragmatists.

Citadel Director Ken Griffin recently described the cryptocurrency rush as a call against the US dollar. But at the same time, he said his company would trade cryptocurrencies if there was more regulation.

JPMorgan CEO Jamie Dimon also criticized, when he said in October that “Bitcoin is worthless,” his giant company was raising hires to help its clients trade cryptocurrencies.

Damon expressed this contradiction by saying, “The bank’s customers are adults.”

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