People who had been against the rise of crypto have been going back on their words. After the exponential growth of the DeFi and crypto in general, many millionaires are turning to cryptocurrency.
Adding crypto to their portfolio, many have been investing heavily in Bitcoin and Ethereum. This is because crypto is one of the few investments beating inflation and outperforming the stock market.
With crypto growing exponentially, there have been rumors of it becoming out of reach for most people in a few months. People are buying into crypto and holding them for the long term.
Many millionaires have ditched traditional markets and invested in crypto itself. Some analysts have dubbed crypto as “Gold for millennials”.
Thomas Peterffy, a millionaire, has said that it is a countermeasure and has converted 2-3% of his portfolio to crypto. He says it’s a safeguard when the fiat currencies go out of commission. He has also said that his crypto investment has reaped extraordinary returns since he started his crypto journey. He also added that some of his crypto investments might go to zero while some might just go to a million; one never knows.
Billionaires are already aware of the dangers of fiat currencies and how the central bank minted money in 2020. They do not like the manipulation by a government body and inflation also rises because of that. In 2022 more and more people will switch to cryptocurrency for the reasons mentioned above.