- Peter Thiel a co-founder of PayPal, believes that some prominent American financiers are the reason Bitcoin could not hit $100k.
- Thiel specifically called out Berkshire Hathaway CEO Warren Buffett, JPMorgan Chase CEO Jamie Dimon, and BlackRock CEO Larry Fink as members of a “finance gerontocracy”.
Last year, a report published by the cryptocurrency research team at British bank Standard Chartered predicted that Bitcoin could hit $100k by December 2021 or early 2022. Several other analysts including Bloomberg, in its Crypto Outlook Report, predicted that Bitcoin was closer to hitting $100,000 than falling back to $20,000.
However, the digital asset could only go as high as $69,000 in November 2021 before taking a nosedive.
Peter Thiel, co-founder of PayPal and Venture Capitalist believes that some prominent American financiers are the reason Bitcoin could not hit this predicted price target. Thiel specifically called out Berkshire Hathaway CEO Warren Buffett, JPMorgan Chase CEO Jamie Dimon, and BlackRock CEO Larry Fink. He labeled them as members of a “finance gerontocracy”.
According to him, Warren Buffett is a “sociopathic grandpa of Omaha,” who joined hands with others to harm Bitcoin with their environmental, social, and governance (ESG) investing campaign.
When they choose not to allocate to Bitcoin, that is a deeply political choice, and we need to be pushing back against them.
In October last year, Thiel stated that it was a good sign as Bitcoin surpassed $60,000. Associating the Bitcoin boom to the ever-rising inflation, he mentioned that it was a sign of the collapse of the “decrepit” regime.
BlackRock behind Tesla’s decision to suspend Bitcoin as a payment option?
Last year, Tesla rescinded its decision to accept Bitcoin as a payment option after citing environmental concerns associated with the proof of Work algorithm of Bitcoin mining. It was later reported that BlackRock was rumored to be behind Tesla’s decision.
The finance gerontocracy that runs the country through whatever silly virtue-signaling slash hate factory term like ESG they have, versus what I would call, what we have to think of as a revolutionary youth movement.
In his statement, he took a dig at Federal Reserve Chair Jerome Powell, saying he should be thankful for having Bitcoin as his final warning.
Mr. Powell — people like that — should be extremely grateful to Bitcoin because it’s the last warning they are going to get. They’ve chosen to ignore it, and they will have to pay the consequences for that in the years ahead.
Attempts to get a comment from BlackRock proved infertile, however, a spokesperson from the company referred reporters to Fink’s letter addressed to shareholders last month. In the letter, he stated that a thoughtful design digital payment system can drastically reduce money laundering and corruption. He further stated that it can cut down the cost of cross-border transactions.
JPMorgan and Buffett’s Berkshire Hathaway Inc have all not responded to requests for comments. Thiel has heavily invested in Bitcoin and has also been involved in investing in blockchain-based crypto companies and exchanges.