Bitcoin’s end of the year rally has brought in more people than ever into the space, and that includes some of the richest people in the world. We take a look at the billionaires who allocated a notable part of their portfolio to cryptocurrencies and what they have to say about their decision to diversify into an asset as risky and as novel as Bitcoin.
Some of the richest people in the world own Bitcoin
Bitcoin’s notorious end-of-the-year rally has attracted a lot of new faces into the industry, with people left and right racing to own a part of the world’s largest cryptocurrency. However, it’s not just retail investors that have been flocking into the space recently—some of the world’s richest people have also been slowly allocating significant parts of their investment portfolio to Bitcoin.
Hedge fund manager Paul Tudor Jones is one of the few billionaires who publicly supported the volatile new asset class, calling Bitcoin “a great speculation” earlier this year. In an interview with CNBC, he revealed that he had close to 2 percent of his assets in bitcoin and that he was betting on the cryptocurrency as part of a larger strategy of maximizing profits.
Walking in his footsteps is billionaire investor Stanley Druckenmiller, who revealed last week that he’s “warmed up” to the idea of cryptocurrency as a store of value. And while Druckenmiller, who famously bet against the British pound in 1992, didn’t reveal his exact position in Bitcoin, he did say that he expects his bitcoin bet to “work better” than gold.
Wall Street heavyweights see bright future for Bitcoin
While billionaires with positions in Bitcoin might come from different backgrounds, they all share the same viewpoint when it comes to the world’s largest cryptocurrency. None of the world’s richest men holding BTC do it for the short-term speculation opportunities, but rather as a long-term investment.
Wall Street legend Bill Miller branded Bitcoin as the “single best performing” asset in the last year, five-year, and 10-year periods, saying that its staying power only gets better every day. Miller, however, also hasn’t revealed how much of his portfolio is allocated to BTC. What he did say is that he believes that every major investment bank and high net worth firm is eventually going to have at least some exposure to Bitcoin, adding that the risks of BTC going to zero are “much lower than they’ve ever been before.”
The founder of MicroStrategy, Michael Saylor, is one of the most vocal Bitcoin supporters within the billionaires’ clique. His company has occupied most of the headlines in crypto media this year after announcing that it has raised its Bitcoin holdings to $425 million. Saylor’s personal Bitcoin wealth also stands around $240 million, with the investor calling the cryptocurrency “the world’s best treasury reserve asset.”