Billionaires are embracing crypto in case money ‘goes to hell’
BNN Bloomberg
Thomas Peterffy took out a full-page ad in the Wall Street Journal in 2017 warning of the dangers that bitcoin futures posed to capital markets.
Thomas Peterffy took out a full-page ad in the Wall Street Journal in 2017 warning of the dangers that bitcoin futures posed to capital markets.
These days, the Hungarian-born billionaire is well versed in cryptospeak. Peterffy, worth US$25 billion, said it’s prudent to have 2 per cent to 3 per cent of one’s personal wealth in cryptocurrencies, just in case fiat currency goes to “hell.”
He owns some himself, while his firm Interactive Brokers Group Inc. recently offered customers the ability to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash, after detecting “urgency” from its clients to get in on the action.
Peterffy, 77, said Greenwich, Connecticut-based Interactive Brokers will offer the ability to trade another five to 10 coins or so starting this month.
It’s possible that cryptocurrencies could reap extraordinary returns — even if the opposite is also true, Peterffy said.
“I think it can go to zero, and I think it can go to a million dollars,” he said in an interview. “I have no idea.”
