The topic of cryptocurrencies is polarizing to say the least, and not just among retail investors. The top billionaires of the business world also have their opinion about this novel digital asset class, and many of them are pro-crypto—read on to find out who they are, and why their support is vital.
The answer to this question is simpler than you’d think. First off, billionaires are respected and renowned opinion leaders of the business world with a demonstrated track record of past success. For this reason, some are followed and copied by smaller masses, and that is sometimes true in terms of beliefs and investments, too. In simple words, what people ask themselves is this: if a billionaire likes and invests in crypto, then probably I should, too.
Another aspect is that business billionaires are not only opinion leaders, but in a lot of cases actual executives of influential firms as well. This means that if they support crypto, their companies are also more likely to follow suit and engage with crypto assets on an institutional level. Now that we know why billionaires’ opinions matter, let’s see the top five magnates who are pro-crypto.
No such list can begin with anyone other than Elon Musk, who is an outspoken supporter of certain crypto assets. Musk showed his support for Bitcoin and Dogecoin multiple times, which likely had a huge impact on the sentiment of the entire crypto market.
As he is the co-founder and CEO of Tesla, his pro-crypto attitude appears on an institutional level as well. The car manufacturer not only bought BTC for tens of millions of dollars itself, but even accepted the most popular cryptocurrency for a period as payment. Musk’s influence on the crypto market is undoubtedly significant, thanks to the fact that many from his follower base are investors who share his views about this novel asset class.
Mark Cuban is an American investor and business person known for his ownership of the NBA Dallas Mavericks and for his notorious appearance on the popular venture show Shark Tank USA. Interestingly, while Cuban supports Bitcoin, he seems to prefer crypto assets such as Ethereum thanks to their diversity and innovative utility. The tech magnate is a holder himself, and according to his social media, he has positions in ETH, BTC, and even DOGE.
Peter Thiel is one of the co-founders of PayPal and an early investor in Facebook (now Meta). He is also a particularly outspoken person in favor of crypto assets, and Bitcoin specifically. In Bitcoin Miami 2022, which is a globally followed yearly crypto conference, he cracked down on other billionaires such as Warren Buffett because of their negative thoughts about cryptocurrencies, and said that Bitcoin’s goal should be to grow ten-, or even one hundred-fold in valuation.
The third-wealthiest Mexican also caught the attention of the world during the Bitcoin 2022 conference, where he stated that around 60% of his liquid portfolio is held in BTC and BTC-based assets. Salinas is a highly influential person in his country, and could play a role in shaping the public’s opinion about cryptocurrencies and investing.
Twitter’s co-founder and former CEO Jack Dorsey is an advocate of Bitcoin and the idea of decentralized cryptocurrencies. During his leadership, he even pushed plans of the social media giant integrating certain crypto assets to its platforms. Dorsey is also the co-founder and executive leader of Block (formerly Square), which has recently announced that it will create a significant Bitcoin mining system.
Positive opinions go a long way when it comes to shaping crypto investors’ sentiment, and so billionaire’s support is also of great significance. With their help, the adoption of crypto assets is anticipated to be faster than before, both on an individual, and institutional level.
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