Not that you should dive in simply because they have, but here’s a closer look at five of the crypto market’s biggest supporters…and not just with lip service.
Paul Tudor Jones
You might know him as the guy who made a fortune back in 1987 when he correctly predicted that year’s Black Monday crash and then made the right bets accordingly. But Paul Tudor Jones, founder of Tudor Investment Corporation, wasn’t just lucky. He’s continued to prove he has an eye for what’s on the horizon, and is particularly savvy when it comes to currency trading.
To this end, while it’s unlikely that Jones envisioned anything remotely like Bitcoin (CRYPTO: BTC) or Ethereum (CRYPTO: ETH) back in 1987, he’s clearly bullish on the idea.
In a recent interview with CNBC, the financial guru said: “I like the idea of investing in something that’s reliable, consistent, honest, and 100% certain. So, Bitcoin has appealed to me because it’s a way for me to invest in certainty.”
He’s not just an actor and an activist. Ashton Kutcher is also a serious investor, co-founding venture capital firms A-Grade Investments in 2010 and then Sound Ventures in 2015. He was also an early investor in Uber Technologies and Airbnb, just to name a couple.
He’s a big Bitcoin fan, too, although his most noteworthy play in the cryptocurrency arena is/was a lower-profile digital currency called UnikoinGold. Meant to be a means of betting on e-sports events, UnikoinGold has since been shut down by the Securities and Exchange Commission.
Nevertheless, Kutcher’s interest in an off-the-beaten-path play like this underscores just how wide his field of future-minded vision is.
Cathie Wood doesn’t need much in the way of an introduction. She’s been in the investment business for more than 40 years, and has seen dramatic growth in her fame since founding ARK Investment Management back in 2014.
Of course, much of that fame is a result of ARK’s focus. All of the firm’s funds aim to hold stocks and investments that are on the leading edge of “disruptive innovation,” which includes cryptocurrencies.
In addition to outright ownership of various cryptos, ARK’s funds also hold stakes in companies like Square and Coinbase Global that are helping to normalize the use of these alternative currencies.
Not only does Wood anticipate the eventual creation of a pure-play Bitcoin ETF, but the investing industry veteran also believes the cryptocurrency could eventually reach a price of $500,000 — more than 10 times its current value.
He may not be as well known as Cathie Wood or Ashton Kutcher, but Barry Silbert is a name worth knowing. He is worth around $1.5 billion, and much of that wealth is the result of his investments in cryptocurrencies and the companies making them possible.
Silbert is the founder of Digital Currency Group, which owns a slew of smaller and privately held outfits like blockchain registry company Bitmark, crypto-exchange support player Coinflex, and payments platforms such as Bitwala, just to name a few. All told, Digital Currency Group holds more than 100 crypto-related companies, most of which you probably haven’t heard of.
Finally, the founder of Tesla (NASDAQ: TSLA) didn’t start out as a huge fan of cryptocurrencies; he mostly evolved into one.
Regardless, his support for Bitcoin, Dogecoin (CRYPTO: DOGE), and others is clear. He didn’t merely tweet about Bitcoin in January and then talk up (and then talk down) Dogecoin when hosting Saturday Night Live last month.
Tesla purchased $1.5 billion worth of the cryptocurrency in February, and briefly accepted Bitcoin as a means of paying for its electric automobiles. The company discontinued this form of payment last month, but not because Musk lost faith in the idea. Tesla intends to reinstate its acceptance of Bitcoin for its cars once Bitcoin miners are powering their operations with more environmentally friendly electricity.
10 stocks we like better than Bitcoin
When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
They just revealed what they believe are the ten best stocks for investors to buy right now… and Bitcoin wasn’t one of them! That’s right — they think these 10 stocks are even better buys.
*Stock Advisor returns as of June 7, 2021