Share via Email A visual representation of the cryptocurrency bitcoin. As the US dollar and other currencies have weakened, more investors are turning to cryptocurrency as protection against inflation. He said millennials were happily embracing new technologies — although he himself has not bought much bitcoin or other cryptocurrencies. Its chief executive, Dan Schulman, said the pandemic had accelerated the shift to digital forms of payments.
A number of hedge fund managers, including the US billionaire Paul Tudor Jones, who predicted and profited from the stock market crash, have revealed in recent months that they have invested in bitcoin. Jones, who runs Tudor Investment Corp, has been recommending the cryptocurrency to his clients as a hedge against inflationwith the US Federal Reserve expected to keep interest rates at zero.
Congress has resumed its negotiations over a massive stimulus package for the US economy. Cryptocurrencies are notoriously volatile, and other digital currencies have also regained popularity in recent months, such as Ethereum, Litecoin and XRP, as investors reviewed their long-term prospects.