Billionaires are changing their vision of cryptocurrencies.. the erosion of the value of money is their new philosophy

cryptocurrencies

After Thomas Peterffy published a full-page ad in the Wall Street Journal in 2017 warning of the risks that bitcoin futures posed to capital markets, the Norwegian-born billionaire's attitude shifted dramatically, deeming it wise to own 2% to 3% of The wealth of individuals in cryptocurrency.

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

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

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

"I think that cryptocurrencies can reach zero, and they can reach a million dollars," he said in an interview with "Bloomberg", which was seen by Al-Arabiya.net. "I have no idea".

His stance on cryptocurrencies highlights the changing attitude of investors who have either scoffed at digital tokens or been wary of them, but realized, especially in 2021, that they could not afford to miss out on the potential for big gains.

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

Dalio likened investments in cryptocurrency to alternative funds in a world where cash is the trash and inflation erodes purchasing power.

This comes as half of the family offices Goldman Sachs works with are interested in adding cryptocurrencies to their portfolios, according to a recent banking survey.

On the price front, Galaxy Digital director Michael Novogratz predicted last month that cryptocurrencies could fall marginally, provided that Bitcoin would not fall below the $42,000 level.

“So much money is being pumped into this space, it wouldn't make sense for cryptocurrency prices to drop much lower than that,” Novogratz said.

Analysts’ expectations do not always seem right, as the CEO of the Kraken Crypto Exchange, Jesse Powell, admitted his previous mistake after predicting that Bitcoin would reach $ 100,000 in 2021, but he still saw difficulty in moving the cryptocurrency below the $ 40,000 level, considering Any drop below this level is a buying opportunity.

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

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

Citadel director Ken Griffin recently described the rush to cryptocurrency 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 offered criticism, when he said in October that “Bitcoin is worthless,” his giant company was ramping up hiring to help its customers trade cryptocurrencies.

Damon expressed this contradiction by saying, "The bank's clients are adults."

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