One top-of-mind concern of Peter Thiel is inflation’s possible effect on Bitcoin. The technology entrepreneur and investor expressed his viewpoint yesterday, October 31.
Thiel is among the keynote speakers at the ongoing second National Conservatism Conference in Orlando, Florida, which runs until Tuesday, November 2, 2021. Peter Thiel is an important figure in the world of virtual currencies, and we believe our readers will learn considerably from his perspectives.
After all, we are well aware that this technology billionaire is among the world’s prominent Bitcoin investors. We also want to note that Mr. Thiel’s Thiel Foundation supports long-term thinking about the future, technology, and science, consisting of cryptocurrency development and investment.
According to the news posted online by Canadian markets and finance news outlet BNN Bloomberg, Thiel remarked that cryptocurrency trading price rises are not transitory happenings.
He expressed his opinion about inflation’s possible effect on Bitcoin, citing that, as the cryptocurrency’s trading value reached US$60,000, he is uncertain that an investor should aggressively purchase.
Thiel said that such an event surely informs investors that a critical point or “crisis moment” is taking place. Bitcoin’s trading price at the time of writing is US$61,376.36, based on the information posted on Coinmarketcap.com.
At the conservative conference, Thiel’s viewpoint on inflation’s potential impact on Bitcoin is that the high trading price of the virtual asset demonstrates that the US economy is facing genuine inflation.
The co-founder of PayPal and Palantir, who has a real-time net worth of US$4 billion at the time of writing, per Forbes.com, also mentioned that he regretted not purchasing more Bitcoin units earlier.
Thiel criticized the US Federal Reserve System, stressing inflation’s possible effect on Bitcoin. He relayed that the central bank had not addressed inflation and had failed to recognize this economic problem’s severity.
Thiel pointed out that the US Federal Reserve System is not even acknowledging the dilemma, which involves the surge in consumer products’ costs. The Thiel Foundation’s pioneer, who has funded firms such as Yelp and LinkedIn, also said that the US central bank is blameworthy for accepting the theory that it could print money without triggering inflation.
He remarked that the government institution is in an epistemic closure state, which is a philosophical expression that means close-mindedness. We want to acknowledge Mr. Thiel’s insights regarding inflation’s possible effect on Bitcoin. We agree that the economic problem has seriously affected consumers in the United States and worldwide.
We understand that the US Federal Reserve System is tackling many key issues on the table. Since the problem of inflation also impacts Bitcoin investors, we hope that the central bank of the United States would consider Mr. Thiel’s perspectives and look closely at the wider repercussions of inflation’s possible effect on Bitcoin.