PayPal co-founder Peter Thiel predicted that bitcoin will surpass the market capitalization of gold and eventually rival the value of the entire stock market, with a price 100 times higher than it is today.
Speaking at the Bitcoin 2022 conference in Miami, Florida on Thursday, the billionaire investor claimed that dark and malicious figures within mainstream finance and politics are currently preventing the cryptocurrency from reaching its full potential. potential.
“Central banks are bankrupt. We are at the end of the fiat currency regime,” he said.
“It’s still hard to tell where bitcoin goes from here. It’s $43,000 today, where does it go? What I would like to say is bitcoin is still the market the most honest in the world, it is the most efficient market… I still hope that bitcoin will increase by a factor of 100.”
Follow our live coverage of the crypto market
Like fellow PayPal co-founder Elon Musk, Mr Thiel has been a strong bitcoin advocate in recent years, praising its decentralized nature and fixed supply that makes it inflation-proof. He also lamented that he doesn’t own enough bitcoin, saying, “I feel like I’ve been underinvested in it.”
As one of the keynote speakers at what is being dubbed the biggest bitcoin event in history, Mr. Thiel began by throwing $100 bills into the crowd. When they were eagerly taken by the attendees, he joked, “I thought you were supposed to be bitcoin maximalists.”
It’s a common narrative among crypto enthusiasts that despite its price volatility, bitcoin’s underlying technology makes it a safe-haven asset that can serve as a store of value, earning it the nickname “gold.” digital”.
Embellishing this idea, Mr. Thiel suggested that bitcoin could go far beyond replacing the US dollar as the world’s reserve currency and offer a better return on investment than any other stock or asset.
“Bitcoin’s real competitor isn’t Ethereum…it’s not even gold, it’s something like the S&P 500, it’s the stock market as a whole,” he said. declared.
“The benchmark for bitcoin is not gold but stocks, and the question is why can’t there be parity between bitcoin and stocks?”
He then named an “enemies list” of people in politics, the media, and mainstream finance who were intent on preventing bitcoin from reaching its potential. He named Warren Buffett as “enemy number one”, describing the CEO of Berkshire Hathaway as a “sociopathic grandfather”.
“Why hasn’t bitcoin gone to $100,000, $1 million yet? Why hasn’t it yet converged with gold or the stock markets more broadly? What will it take for this to happen? He asked.
“We should think about it in a dimension as a political question, whether this movement is going to succeed, or whether the enemies of the movement are going to be able to stop us.”
JPMorgan Chase CEO Jamie Dimon and BlackRock Chairman Larry Fink were also on Mr Thiel’s list.
“There’s always the feeling that if you’re a fund manager, you want to pretend it’s complicated to invest. And if all you have to do is buy bitcoin, that’s ridiculous, all these people are bankrupt,” he said.
“It is the financial gerontocracy that is leading the country against a revolutionary youth movement. And we have to get out of this conference and take over the world.