Billionaires Back Bitcoin Amidst Fears for the End of Fiat Currencies

According to Bitcoin [BTC] advocate Max Keiser, [BTC]  is expected to surpass $220,000 in 2022 as billionaires worldwide progressively purchase the world’s largest cryptocurrency as a hedge against inflation, amidst fears that fiat currencies would become obsolete. In an interview, Keiser elaborated on the king coin’s prediction for 2022, saying,

“My $220,000 estimate has been pushed out to 2022. The fundamentals of Bitcoin are all screaming higher. Last year’s China mining ban was only a blip on the radar. I’m on my way to El Salvador, where the Bitcoin revolution will spread and eventually obliterate fiat money.”

Surprisingly, the news comes after Thomas Peterffy, a Hungarian-born American millionaire who was earlier opposed to cryptocurrencies, claimed it was safe to put two to three percent of his wealth in cryptocurrency in case fiat money “goes to hell.” As demand for the assets grew, Peterffy, the founder and chairman of Interactive Brokers Group, began offering clients the option of trading Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in mid-2020. In addition, the brokerage business wants to enable crypto trading by adding five to 10 more coins starting this month.

“It is feasible for cryptocurrencies to deliver exceptional profits, but the opposite is also true,” the billionaire added. Ray Dalio is another high-net-worth investor who is a strong supporter of the asset. Bridgewater Associates’ CEO recently announced that he had Bitcoin and Ethereum in his wallet, adding believes investing in cryptocurrencies is sensible because “money is trash” and inflation erodes purchasing power.

Apart from that, nearly half of Goldman Sachs Group Inc.’s family offices were interested in incorporating cryptocurrency into their portfolios. To top it off, prominent investor Cathie Wood of Ark Investment Management predicts that Bitcoin will reach $500k in the next five years.

Bitcoin bullish forecasts in 2022

The President of El Salvador Nayib Bukele tweeted on New Year’s Eve about his Bitcoin predictions for 2022, making some bold assertions about the asset. The two more countries that will make it legal tender are the most intriguing. Speculators speculated that one of them could be Paraguay after the Paraguayan Senate passed a measure to regulate Bitcoin mining and trade a few weeks ago.

Movine Oduor