More billionaires are turning to cryptocurrency in response to concerns about fiat currency inflation

<p>Investors who were previously anti-crypto are increasingly turning to Bitcoin and its brethren as a hedge against concerns about fiat currency inflation. One role model is Hungarian-born billionaire Thomas Peterffy, who stated in a Jan. 1 Bloomberg report that it would be prudent to have 2-3% of one's portfolio in crypto assets in the event that fiat currency "goes to hell." According to reports, he is worth $25 billion.</p> <p>Peterffy's firm, Interactive Brokers Group Inc., announced in mid-2020 that it would begin offering cryptocurrency trading to its customers in response to increased demand for the resource class. The organisation currently supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, but will add another 5-10 coins this month.</p> <p>In early December, the billionaire predicted that Bitcoin would reach $100,000 before markets began to retrace their steps.</p> <p>According to Bloomberg, Peterffy, who owns an undisclosed amount of cryptocurrency, stated that it is possible for digital assets to generate "extraordinary returns" even if some go to zero. "I believe it is possible for it to go to zero, and I believe it is possible for it to go to a million dollars," he added before concluding, "I have no idea."</p> <p>Ray Dalio, the founder of Bridgewater Associates, is another well-known billionaire who disclosed last year that his portfolio included some Bitcoin and Ethereum. This revelation comes just months after he cast doubt on crypto's ability to act as a store of value.</p> <p>Dalio stated in late December that he was impressed with the longevity of crypto, before adding, "Cash, which most investors believe is the safest investment, is, in my opinion, the worst investment."</p> <p>He has since shifted his position and now views crypto asset investments as "alternative money" in a world where "cash is trash" and purchasing power is eroding due to inflation.</p> <p>Paul Tudor Jones, a billionaire hedge fund manager, also purchased Bitcoin last year, describing the purchase as a hedge a