Bitcoin (BTC) is still at great heights after having risen sharply in value over the past 1.5 years. A nice development for us crypto fanatics, but for PayPal co-founder Peter Thiel this may be a sign of something serious.
In his keynote speech During the National Conservatism Conference (NatCon) in Florida, the PayPal founder discussed the high bitcoin price. According to him, it is a sign that we are dealing with significant inflation. He said:
“You know, $60,000 per Bitcoin, I’m not sure if you should buy aggressively, now […] But what it clearly tells us is that we are in a crisis moment.”
He added that he is disappointed not to have bought more bitcoin early this year. In addition, the Federal Reserve, the central bank of the United States, would not even recognize the problem of rising inflation. The Fed still thinks it can print money without consequences.
The company Thiel founded, PayPal, now appears to be playing a major role in the mass adoption of crypto. After PayPal announced that it would support bitcoin, among other things, the prices shot up. PayPal has hundreds of millions of active users worldwide. It recently launched its “super app.”
The end of October called Thiel called the crypto market “the most fair market we have.” He also mentioned the moment when bitcoin all-time high (ATH) of $67,000 filed for “complete default for central banks.” Big words from the businessman.
Thiel’s words are in line with reports from the American banking giant JPMorgan. He stated in October that the price increases of bitcoin are not only related to the recently approved bitcoin exchange-traded funds (ETF’s), but especially with rising inflation.
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