As Bitcoin adoption increases among both retail and institutional investors, Wall Street billionaires are moving away from bonds and toward BTC to hedge against inflation, Forbes reported.
Accordingly, Forbes stated that more billionaires are turning to Bitcoin, and that they are investing in Bitcoin as a hedge against inflation and are gradually moving away from government bonds.
The report stated that prominent Wall Street billionaires, including BlackRock CEO Larry Fink, see Bitcoin as a modern gold alternative that can protect against inflation.
It was also stated that Wall Street billionaires think that the current inflation may last longer than expected due to inflationary government policies and increasing national debt, and therefore they turned to BTC.
Speaking to Forbes, analysts said Bitcoin is a preferred choice for portfolio diversification due to its limited supply and independence from government control. While the long-term position of Bitcoin, the world’s largest cryptocurrency, as an inflation hedge is still uncertain, analysts added that Wall Street’s increasing interest in Bitcoin indicates growing confidence in BTC.
*This is not investment advice.