Bitcoin is still viewed by some as a scam or something of little intrinsic worth.
That is changing, however, as prominent institutional investors and billionaires are now behind Bitcoin.
Here is a quick recap of some of the many billionaires who support Bitcoin.
Bitcoin has a list of billionaires who support it
Bitcoin is still viewed by some as a scam or something of little intrinsic worth. However, both private investors and prominent institutional investors are now beginning to recognize Bitcoin and cryptocurrencies as a whole.
Here’s a quick recap of the many billionaires who advocate Bitcoin:
Stanley Printmiller, a multi-billion dollar asset manager known for predicting the 2008 Great Recession. His net worth is estimated at over $ 4 billion.
Paul Tudor Jones, a friend of Druckermiller and also a multi-billion dollar asset manager.
Jack Dorsey, also CEO of Square and Twitter. Dorsey has given Square entry into the cryptocurrency space and has cited Bitcoin as the internet’s most likely contender for a native currency.
Abigail Johnson, CEO of the world’s largest asset manager Fidelity Investments. She has mined Bitcoin since 2014 and pushed the asset into the cryptocurrency space with a prime brokerage service.
Chamath Palihapitiya, a Canadian-American venture capitalist who once held 5% of the Bitcoin supply with a number of partners. He is also the chairman of Virgin Galactic.
Stanley Druckermiller is likely to be the biggest BTC bull
Some argue that Stanley Druckermiller’s endorsement of Bitcoin may have been its biggest advocate yet.
On Monday, the billionaire Wall Street investor spoke to CNBC about his thoughts on the markets. Widely regarded as one of the best money managers in the world, Druckermiller said he thought Bitcoin might be a better bet on inflation than gold.
While he admitted that he owns more gold than Bitcoin on a dollar basis, he expects BTC to catch up in terms of its price action.
According to the investor, the coin has „a great attraction“ for millennial investors and „West Coast money“.
Raoul Pal, CEO of Real Vision and a friend of Druckermiller, commented on this news by saying:
“The importance of the largest and most respected money manager in the world – Stan Druckermiller, who said earlier that he is already Long Bitcoin, cannot be overestimated. This removes any obstacle for any type of hedge fund or foundation that wants to invest … “
Many investors are currently reluctant to buy Bitcoin because they pigeonhole it with criminals or think it is something „normal“ investors shouldn’t own. But with one of the best investors in the world now advocating Bitcoin , capital allocations in this area could rise rapidly.