Kevin Helms
An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Billionaire Thomas Peterffy plans to buy Bitcoin despite concerns that BTC may “become worthless or banned” – Markets and prices Bitcoin news
Billionaire Thomas Peterffy, founder of Interactive Brokers, says he plans to buy more bitcoin if the price of the cryptocurrency reaches $ 12K. However, he remains concerned that bitcoin may “become worthless or banned.”
Thomas Peterffy on the US economy and Bitcoin
Billionaire Thomas Peterffy shared his views on bitcoin and the US economy in an interview with Forbes last week. Peterffy is the founder and chairman of Interactive Brokers, an online trading platform. His net worth is currently $ 18.4 billion, according to Forbes’ list of billionaires. Interactive Brokers offers cryptocurrency trading.
The billionaire said in January that it is prudent for investors to have 2% to 3% of their personal wealth in cryptocurrencies, in case the fiat currency goes to “hell”. In July last year, he revealed that he has some BTC, stating that “there is a small chance that this will be a dominant currency, so you have to play the odds.”
He told Forbes last week that he still believes bitcoin can become very valuable despite the recent sale of the crypto market. He added that he still has some BTC and plans to buy more if the price of the cryptocurrency reaches $ 12,000. At the time of writing, bitcoin is trading at $ 20,739.
Despite plans to buy more bitcoin, Peterffy is still cautious about the future of the cryptocurrency. He emphasized:
The chances are very high for that [bitcoin] will be worthless or banned.
The US government may try to ban crypto, the billionaire warned, noting that officials are concerned that cryptocurrencies are being used to “obtain funding for illegal activities”. He also noted the US Treasury Department’s inability to “control or keep track of payments and collect taxes.”
Commenting on US inflation, which reached a 40-year high in June, Peterffy warned:
I think inflationary pressures will continue for years, not months. This is not a short-term problem.
The billionaire continued to share his outlook for the stock market, predicting that US stock markets could hit rock bottom as soon as it fell and the S&P 500 could fall 22% to $ 3,000 around October. “Ultimately, rising prices will catch up with stocks … stocks will enter a long bull market driven by inflation,” he said.
What do you think of the comments of billionaire Thomas Peterffy? Let us know in the comments section below.
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