"Just In Case Fiat Money Goes To Hell": Billionaires Are Finally Flooding Into Cryptos

submitted by Drewski from zerohedge.com

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[–]IkeConn 7 insightful - 2 fun7 insightful - 1 fun8 insightful - 2 fun -  (0 children)

They don't expect the power to go out. Bless their hearts.

[–]aureolin 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (2 children)

everyday people are waking up to the value of decentralized currency.

politicoins seem to be the next wave.

i can't wait to see what happens with this new "f*fauci coin." ffauci.com

[–]Canbot 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

The every day fools bough in 5 years ago when bitcoin hit peak frenzy buying. Every stock show was quoting bitcoin prices next to the nasdaq. There is literally no one left to "wake up"

[–]BravoVictor 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Shitcoins are probably the biggest threat to real crypto. They're just scammers preying on people who have heard of Bitcoin but don't know enough about how crypto works and think they'll get rich off some no-name Ponzi-scheme coin.

If too many people get burned by shitcoins, it might scare away real adoption to Bitcoin.

[–]Canbot 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

No billionair is stupid enough to put any significant amount of money into butcoin. At best they buy a few million, advertise that "billionairs are buying it" and sell it quickly after for a small profit.

Anyone with a billion can start thier own coin, backed by real assets.

But regardless, they do NOT have cash in thier pocket that they are worried about collapsing. All thier wealth is in real assets and the currency means fuck all to them.

[–]BravoVictor 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

i.e. "Man in burned-down house buys smoke detector just in-case fire happens."

[–]fschmidt 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

What a bullshit article. Investors like Ray Dalio are only investing a tiny amount in cryptos. They know that cryptos have no intrinsic value, but they also know that humanity is insane and this insanity may drive up the value of any speculative asset, so they get a tiny amount of crypto just in case. Most likely when fiat money goes to hell, cryptos will crash as well because all the dumb money will try to cash out to pay for their daily needs.

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

fiat money is just as fake as the newer crypto. If shit hits the fan where electricity is shut off the fiat money won't be worth anything either.

[–]Canbot 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

People will accept dollars as payment, even in hyper inflation. They will not accept crypto.