Friday, September 30, 2022
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“Bitcoin over $60,000 is a clear sign of trouble in the US economy,” says Peter Thiel

The co-founder of PayPal and Palantir Technologies, Peter Thiel, assured that behind the strong increase capitalized by Bitcoin in recent weeks could be the strong inflationary problems that lie ahead for the US economy.

Bitcoin price and signals about the economy

Thiel’s remarks came during the National Conservatism Conference (NatCon) held yesterday in Florida, where the billionaire highlighted that the high price of Bitcoin could be translated as a sign that the US economy faces strong inflationary levels. , these mainly due to the increase in the offer for the digital currency in dollars.

In this regard, Thiel commented:

“You know, $60,000 per Bitcoin , I’m not sure that one should go aggressively buying… surely what he is telling us is that we are having a moment of crisis.”

The comments from the billionaire investor come almost two weeks after Bitcoin capitalized prices above $60,000 for the first time after the drop seen during the second quarter of 2021. Keep in mind that the US government is also currently going through a quite complex moment in relation to their finances, precisely because of the debt ceilings registered and the accelerated printing of dollars seen during the first year of the pandemic, precisely for the financing of support programs for the Americans most affected by the crisis.

Calculations presented by analysts indicate that the inflation registered by the United States grew at a very fast rate during this period than in the last 30 years. For his part, the president of the FED, Jerome Powell, assured that interest rates would still remain close to zero, but that they would gradually reduce the buyback of bonds.

Sorry not to buy Bitcoin

As for Thiel, his statements come after the billionaire admitted that he regretted not buying more Bitcoin before it reached $60,000 per unit.

As such, Bitcoin saw its most notable rise in recent times after the US Securities and Exchange Commission approved the first ETF based on futures of the digital currency a couple of weeks ago. Although it is not a fully cryptocurrency-linked instrument, it constitutes a fully regulated first approach for institutional investors interested in BTC.

Let us bear in mind that Thiel is no stranger to digital currencies and Blockchain technology , at least in terms of investment, since he has capital invested in other projects such as BitDAO and EOS.

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