The wealthy investors who previously criticized cryptocurrency as not a viable investment product are increasingly turning to it as an effective and practical hedge against traditional money inflation issues. In fact, experts’ early speculation for the year 2022 implies that the rate of billionaires preferring crypto investments over fiat currency could remain on an upward trend throughout the year, much like how it did the year before.
While these billionaires recognize that cryptocurrencies are still severely volatile, could rise by $1,000 in just a matter of hours, and could plummet just the same the next day, they believe that betting on the booming industry is a much wiser move rather than depending on cash. Ray Dalio, the founder of Bridgewater Associates and prominent billionaire investor, went as far as saying that cash is trash and the worst investment today. As harsh as that statement against fiat currency is, Dalio does not seem to be alone with this sentiment.
This is a clear indication that billionaires are now increasingly becoming more fearful of the current status of fiat currencies, adding to that the danger signs of central bank manipulation. Although the worldwide economy had made strides in recovering from the initial turmoil it suffered when the pandemic arrived, many believe that its effects could last up to decades. This means that increasing inflation rates could linger just the same. Billionaires abandoning fiat currency in replace of crypto makes much sense considering all that.