High Bitcoin price is living proof of US inflation: Peter Thiel
The high Bitcoin price is living proof of the rise in US inflation, according to Peter Thiel, PayPal co-founder and venture capitalist. So read more on our latest bitcoin news today.
Thiel claims that the rising Bitcoin price is evidence that inflation is taking over the US economy.
Speaking over the weekend of the Conservative conference, he noted that the high Bitcoin price suggests the economy is facing real inflation. The investor added that he regrets not buying more BTC sooner:
“You know, Bitcoin [at] $ 60,000 – I’m not sure whether to be brave to buy [at that price]. But it certainly tells us that we are in a moment of crisis. “
As mentioned earlier, the strategists at investment bank JPMorgan say BTC looks strong at the moment, but argue that there are some concerns about higher inflation as the launch of an exchange-traded Bitcoin fund drives the BTC price up. Thiel meanwhile aimed at the US Federal Reserve to let inflation rise to this level. He claimed the recent rallies were not temporary and said the Fed had failed to tackle inflation and failed to see its seriousness. Thiel added that the Fed is showing signs of closing and is not addressing the growing problem.
Peter Thiel describes himself as a crypto advocate and bitcoin maximalist ahead of China’s crypto breakthrough in September and warned Washington that BTC could become China’s financial weapon. Thiel isn’t really talking about BTC, but about China’s plan to create a digital yuan. Moderator Hugh Hewitt wants to know to what extent the digital yuan poses a threat to the dollar and how it will dominate world markets. According to Thiel, the real concern is with BTC, as it can act as a functional reserve currency while the dollar is less dominant, which means US foreign and monetary policy is also less dominant. He says:
“It was the canary in the coal mine. It’s the most honest market we have in the country and that tells us that […] The regime threatens to explode. “
Currently, BTC is trading at $ 62,246, up 2% in a day and 29% in a month.
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