Crypto fan Peter Thiel praises Bitcoin – and striker Warren Buffett | 23/04/22

• Thiel: Bitcoin can match the value of all listed companies
• Tech investor rails against Buffett, Dimon and Fink
• Thiel describes the ESG as a “hate factory” comparison with the Chinese Communist Party

In his talk in Miami, tech investor Peter Thiel, who is known as an advocate for cryptocurrencies, first talked about the possibilities of Bitcoin. At “Bitcoin 2022”, he predicted huge increases in value for crypto fans – the Bitcoin price could rise a hundred times, according to Thiel. According to Thiel, other digital currencies such as ether or safe haven gold are no competition for the oldest and largest cryptocurrency measured by market value – although gold is worth more than twelve trillion dollars compared to the market value of Bitcoin at more than 800 billion dollars. If the US billionaire has his will, the Bitcoin value will eventually catch up with the value of all listed companies, especially in times of high inflation and rising regulation. In his presentation, Thiel estimated this at currently $ 115 trillion.

Then the billionaire attacked investment legend Warren Buffett and other crypto and Bitcoin critics.

Thiel: “Enemy list” is trying to stop Bitcoin

In his speech, Thiel cited an “enemy list” of people who tried to stop Bitcoin as the reason why Bitcoin is not already worth ten or a hundred times as much. And so PayPal founder and Trump supporter took the keynote against Bitcoin critics like Berkshire Hathaway CEO Warren Buffett. He flashed a portrait of Buffett with the quotes “rat poison” and “I own no one and never will.” He referred to the time Buffett rejected the oldest and most well-known cryptocurrency with these words. Thiel explained in his speech that Buffett, “the sociopathic grandfather of Omaha”, as he calls him, tops people’s “enemy list” and therefore Bitcoins is “enemy # 1”.

JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink were not spared either. Thiel presented photos of the two CFOs and their comments on Bitcoin. Speaking of JPMorgan’s CEO Dimon, Thiel said his views are part of the “New York City banker bias”. “If you decide not to invest in Bitcoin, it’s a deeply political decision,” Thiel explained, and this needs to change. He added that there are also investors who proclaim blockchain, the technology that underlies cryptocurrency, but which questions Bitcoin and its legitimacy.

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According to Thiel, bitcoin has behaved like a canary in a mine and warned us of what is coming, such as inflation, over the past two years. “It tells us that the central banks are bankrupt, that we are at the end of the fiat money regime,” Thiel said. He said central bankers, people like Fed Chairman Jerome Powell, should be “extremely grateful” for bitcoin because it is “the last warning they will get.” “They have chosen to ignore it and they will have to see the consequences of this in the coming years,” Thiel said.

According to Thiel, the ESG is the “real enemy”

Thiel was also upset by the current sustainability trend. “ESG is the real enemy,” Thiel said in his speech. The technology investor explained that the ESG is a “hate factory” for keeping the value of bitcoin low, and that environmental, social and management goals are only meant to exercise even more control. Thiel even compared the ESG to the Chinese Communist Party (CCP) – anyone who sees the ESG should think of the CCP, Thiel explained.

Ultimately, according to Thiel, any company, especially after a stock exchange listing, is in principle under state control, while Bitcoin is not a company with no board of directors and it is not known who Satoshi Nakamoto is – in his opinion the cryptocurrency should therefore be free .

At the end of his presentation, Thiel presented a collage of portraits of Buffett, Fink and Dimon, pictures of members of the Chinese government and the word “gerontocracy”. Thiel stated that there was a “financial gerontocracy” that ruled the country and was against “revolutionary youth” and called, “We have to get out of this conference and take over the world!”

While a JPMorgan spokesman declined to comment on the matter and a Berkshire Hathaway representative did not immediately respond to a request for comment, a BlackRock spokesman quoted CNR comments from Larry Fink in a letter to shareholders. BlackRock CEO wrote that Russia’s invasion of Ukraine could accelerate digital currency adoption, stating that “a well-designed global digital payment system […] improve the processing of international transactions while reducing the risk of money laundering and corruption “.

Redaktion finanzen.ch

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