With cryptocurrency emerging as a stand-alone asset class, a growing number of billionaires are now hunting for potential investment opportunities. Some of them are buying cryptocurrencies for their enormous upside potential, while others are buying them for their ability to diversify a portfolio or hedge their overall market position.

Based on public statements and official 13F filings with the Securities and Exchange Commission (SEC), it's possible to put together a snapshot look at what top billionaires are buying. Unsurprisingly, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are at the top of their shopping lists.

Hedge fund billionaires Stanley Druckenmiller and Paul Tudor Jones are two high-profile names making the case for why Bitcoin should become a part of a diversified portfolio. As Druckenmiller has pointed out, Bitcoin has many of the same properties as gold, making it interesting as a potential long-term store of value. And Paul Tudor Jones has made the case that Bitcoin can be one way to hedge against geopolitical and macroeconomic risk.

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Source Fool.com