Bitcoin

Billionaire Thomas Peterffy Plans To Buy More Bitcoins

Thomas Peterffy – founder and president of Interactive Brokers, an online trading platform – believes that US authorities may ban cryptocurrencies over concerns that they allow illegal activity. However, he remains a HODLer and promises to buy more Bitcoin (BTC) if the price drops to $12,000.

Billionaire Thomas Peterffy

Thomas Peterffy shared his outlook on Bitcoin and the US economy in an interview with Forbes last week. According to the Forbes billionaire list, his net worth is currently $18.4 billion. Interactive Brokers offers cryptocurrency trading.

In January, Peterffy said it makes perfect sense for investors to hold between 2% and 3% of their personal wealth in crypto if fiat currency goes “hell.” Last July, he revealed that he was holding some BTC because “there is a small chance that BTC will become a major currency, so you have to take the risk.”

Thomas Peterffy told Forbes last week that he still believes Bitcoin can become expensive despite the recent crypto market sell-off. He added that he still holds some BTC and plans to buy more if the price hits $12,000. At the time of writing, BTC is trading at $21,164.

BTC daily chart. Source: CoinCu

Despite his plans to buy more Bitcoin, Peterffy remains cautious about the future of crypto:

“Chances are very high that [Bitcoin] will become worthless or outlawed.”

According to Peterffy, the U.S. government may seek to ban cryptocurrencies, noting that officials are concerned that cryptocurrencies are being used to “finance illicit activities.” He also noted that the US Treasury Department cannot “control or track tax payments and collections.”

“I believe inflationary pressures will continue for years, not months. This is not a short-term issue.”

Thomas Peterffy continued to share his outlook for the stock market, predicting that the US stock market could bottom and the S&P 500 index could drop 22% to $3,000 around October.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.