What do billionaires who own Bitcoin actually say
What do billionaires who own Bitcoin actually say about the world’s largest crypto-currency?
Bitcoin’s end-of-year rally has brought more people into the room than ever before – and that includes some of the richest people in the world. We take a look at the billionaires who have allocated a significant portion of their portfolios to crypto-currencies, and what they have to say about their decision to diversify into an asset as risky and novel as Bitcoin (Buy Bitcoin now? Click here for instructions).
Some of the richest people in the world own Bitcoin
Bitcoin’s infamous year-end rally has brought many new faces to the industry as people rush to own part of the world’s largest crypto currency. But it’s not just small investors who have been pouring by Bitcoin Revolution into the room lately – some of the world’s richest people have also slowly been outsourcing significant parts of their investment portfolios to Bitcoin.
Hedge fund manager Paul Tudor Jones is one of the few billionaires who have publicly supported the volatile new asset class, and earlier this year called Bitcoin „a major speculation“. In an interview with CNBC, he revealed that he has nearly 2 per cent of his assets in Bitcoin and that he was betting on the crypto-currency as part of a larger strategy to maximise profits.
Following in his footsteps is billionaire investor Stanley Druckenmiller, who revealed last week that he had „warmed to“ the idea of the crypto currency as a store of value. And although Druckenmiller, who in 1992 was known to bet against the pound sterling, was reluctant to reveal his exact position on Bitcoin, he said he expected his Bitcoin bet to „work better“ than gold.
Wall Street heavyweights see bright future for Bitcoin
Although billionaires with positions at Bitcoin may come from different backgrounds, they all share the same point of view when it comes to the world’s largest crypto currency. None of the world’s richest men holding BTC do so because of the short-term speculative opportunities, but rather as a long-term investment.
Wall Street legend Bill Miller calls Bitcoin the „only asset with the best performance“ over the last year, the last five and the last ten years – and his staying power is only getting better every day. But Miller has also not revealed how much of his portfolio is allocated to BTC.
But he assumes that every major investment bank and every high net worth company will ultimately have at least some exposure to Bitcoin, because the risks of BTC falling to zero are „much lower than they have ever been before“.
MicroStrategy’s founder, Michael Saylor, is one of the most vocal advocates of Bitcoin among the billionaire clique. His company made most of the headlines in the crypto-media this year after announcing that it had increased its Bitcoin inventory to $425 million. Saylor’s personal Bitcoin assets also amount to approximately $240 million, with the investor describing the crypto currency as „the best treasury reserve in the world“.