Billionaires Who Have Recently Shown Interest in Cryptocurrencies

Cryptocurrencies have had a recent dramatic rise, particularly in the aftermath of the Covid 19 outbreak. Bitcoin is a digital currency that has steadily grown in popularity as its value has risen over time. The cryptocoin was first released in 2009, with a value of $0.0008. As of May 2022, the cost is estimated to be around $30,000. Investors from various walks of life have been drawn to blockchain technology.

Investors view crypto as an investment that does not feel the impact of severe economic crises that face fiat currency. Since the launch of bitcoin, blockchain technology has been utilized to give rise to more digital currencies such as Ethereum and dogecoin, etc. 

Several billionaires have expressed their opinions publicly on cryptocurrency; most identify as crypto enthusiasts and have consequently invested in the market. Others have expressed their skepticism, which has changed and is seen to contradict themselves as they make heavy crypto-investments later. 

This article will focus on five billionaires who have recently shown interest in cryptocurrencies

Elon Musk 

When it comes to cryptocurrency and millionaires, Elon Musk is always mentioned. Following his purchase of Twitter, the billionaire has recently been in the news. He is well-known for his stance on Cryptocurrencies. He is well-known for using Twitter to communicate his views on capitalism and cryptocurrency.

The entrepreneur, who was born in South Africa, has conflicting sentiments about bitcoin, claiming that it was inconvenient for his company, Tesla. Previously, the company accepted payments in cryptocurrency, such as Ethereum and bitcoin. This was put on hold due to the negative effects of bitcoin mining on the environment.

The Space X CEO often expresses how he thinks cryptocurrency is the future. He has invested in Bitcoin, Ethereum, and Dogecoin; the latter is his favorite coin as he thinks that it’s more of a people’s coin which people from all walks of life can own. He also expressed it is more suitable as a transactional currency than Bitcoin.

Jay-Z

The hip-hop legend and business mogul has recently shown interest in blockchain technology. He recently created an endowment trust with Jack Dorsey to fund the development of Bitcoin in India and Africa. The duo placed 500 million worth of bitcoin into the fund to push cryptocurrency adoption in these regions, which may face currency devaluation during cross-border exchanges.

The rapper has also added sLABS, a blockchain tech incubator on the metaverse aimed at making blockchain products. He also invested in the $19 million series A, a shop for NFTs which utilize blockchain technology and cryptocurrencies. He is also a board member at Square, which enables bitcoin exchanges.

Barry Silbert

The Digital Currency Group CEO aims to grow and develop bitcoin and blockchain technology companies to revolutionize global financial systems. The company has shown its interest in cryptocurrency by investing in more than 168 blockchain companies. 

Silbert also owns Grayscale, which oversees Ethereum and bitcoin-related transactions.DCG has invested 168 in cryptocurrency and blockchain-related companies. He has, however, expressed his doubts about the success of dogecoin and asked them to convert their crypto to bitcoin as the coin was overvalued. He received a lot of backlash from crypto enthusiasts who believed that dogecoin would be the next bitcoin.

Michael Novogratz

Michael Novogratz, the CEO of Galaxy Digital, believes that cryptocurrency will play a huge role in the future. Galaxy Digital has invested in cryptocurrencies with the crypto enthusiast as its CEO. The company focuses on the blockchain technology industry and the development of cryptocurrency. 

Novogratz has been optimistic about the future of bitcoin, saying that the coin will reach a $1 million value. He recognizes that bitcoin will not be used for buying everyday essentials like shoes and that bitcoin is gradually becoming a part of institutional investments. The enthusiast has publicly stated that he intends to preserve some of his wealth in blockchain technology.

Thomas Peterffy

Petterfly is a well-known businessman with a net worth of $18.1 billion who chairs a trading platform comprised of investors named Interactive Brokers. He recently stated that he owns some cryptocurrency. He did not specify which cryptocurrency he owns in his portfolio. He has been very critical of bitcoin technology in the previous years.

Interactive brokers are preparing to adopt blockchain technology and cryptocurrency at the end of summer. The billionaire, however, states that he is not very optimistic about the future of cryptocurrency. In a recent interview, he said that there was a small chance of cryptocurrency becoming the dominant currency.

 Interactive brokers serve sophisticated customers; its move is thus noteworthy as more investors, including the billionaire CEO, will continue making more investments in Blockchain technology.

Conclusion

Blockchain technology has experienced a surge in the past year as more users seek an investment that remains unaffected by the pandemic. Investors resulted in cryptocurrencies and other blockchain investments, which saw their rise in value. Various billionaires have recently expressed their interest in cryptocurrencies. 

Some are publicly known as crypto-enthusiasts, while others have been pessimistic about digital currencies. However, the latter has recently contradicted themselves by acquiring some cryptocurrencies for their portfolios.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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