The National Conservatism Conference just concluded in Orlando, Florida, and Paypal’s Co-Founder Peter Thiel has only one regret about Bitcoin; he wished he had bought more. Thiel’s comments come even as Bitcoin continues to print new highs, with price tapping $68,789 on Wednesday.
“I Wish I Had Bought More”
Speaking at the conference which seeks to “solidify and energize national conservatives”, the billionaire who hinted at having bought an assortment of crypto assets including Bitcoin a while back said, “I think one of my incredibly big misses of the last decade, was not buying enough Bitcoin, not buying enough crypto,”.
He expressed his awe at how crypto assets had outperformed traditional markets putting forth not only eye-catching avails but most importantly, fast becoming the new form of currencies worldwide.
Ballooning inflation; key catalyst for Bitcoin’s surge
He described the current money models as a “canary in the coal mine” emphasizing that the crypto market is the pure money market and it is telling us that the epistemically closed bubble around fiat money in the U.S. is heading towards some crisis point.
The tech Billionaire who equated rising crypto prices to the rising inflation trends castigated the FED for not addressing or taking the inflation issue seriously, warning that we could be in a “crisis” moment with the U.S. central banking system.
“You know, $60,000 Bitcoin, I’m not sure that one should aggressively buy,” he said, ”But it is telling us is that we are at a crisis moment”.
He added, “we’ve had these preliminary questions about the nature of stock trading and things like this- when you start asking these questions you know the institution is in trouble”.
Thiel’s comments come even as the pangs of inflation continue to bite the U.S. economy with more Americans turning to Bitcoin and other crypto-assets as a hedge against inflation.
Billionaires Turning To Crypto
Other Billionaire investors such as Elon Musk, Twitter’s Jack Dorsey, Apple’s Tim Cook among others have already disclosed their interest in cryptocurrencies and even purchased considerable stashes.
Last week, Elon Musk conducted a Twitter poll as to whether he should sell 10% of his Tesla stock holdings to pay taxes prompting massive responses from crypto proponents that he should put some of his holdings in crypto.
According to Michael Saylor, ”If the goal is diversification,” he replied, “an alternate strategy to consider is converting the Tesla balance sheet to a BitcoinStandard and purchasing $25 billion in BTC. That would deliver diversification, inflation protection, & more upside for all investors in a tax-efficient manner.”