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Thiel: Bitcoin can match the value of all listed companies
Tech investor rails against Buffett, Dimon and Fink
Thiel describes ESG as a “hate factory” – comparison with the Chinese Communist Party
In his lecture in Miami, tech investor Peter Thiel, who is known as an advocate of cryptocurrencies, first spoke of the opportunities for Bitcoin. At “Bitcoin 2022” he predicted enormous increases in value for crypto fans – the Bitcoin price could increase a hundredfold, according to Thiel. According to Thiel, other digital currencies such as ether or the safe haven gold are no competition for the oldest and largest cryptocurrency by market capitalization – even though gold is worth more than twelve trillion dollars compared to the market capitalization of Bitcoin of more than 800 Billion dollars. If the US billionaire has his way, the Bitcoin value will eventually catch up with the value of all listed companies, especially in times of high inflation and increasing regulation. In his presentation, Thiel estimated this at currently 115 trillion dollars.
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Then the billionaire attacked investment legend Warren Buffett and other crypto and Bitcoin critics.
Thiel: “Enemy list” tries to stop Bitcoin
In his speech, Thiel cited an “enemy list” of people trying to stop Bitcoin as the reason why Bitcoin isn’t already worth ten or a hundred times as much. And so the PayPal founder and Trump supporter took the keynote against Bitcoin critics like Berkshire Hathaway CEO Warren Buffett. He flashed a portrait of Buffett with the quotes “rat poison” and “I don’t own any and never will.” He was referring to the time when Buffett dismissed the oldest and most well-known cryptocurrency with these words. Thiel explained in his speech that Buffett, “the sociopathic grandpa from Omaha,” as he calls him, tops people’s “enemy list,” making Bitcoin’s “enemy #1.”
JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink weren’t spared either. Thiel presented pictures of the two CFOs and their comments on Bitcoin. About JPMorgan CEO Dimon, Thiel said his views are part of the “New York City banker bias”. “If you decide not to invest in Bitcoin, it’s a deeply political decision,” Thiel said, and it needs to be changed. He added that there are also investors who are touting blockchain, the technology underlying cryptocurrency, but questioning Bitcoin and its legitimacy.
According to Thiel, bitcoin has acted like a canary in a mine, warning us of what is to come, such as inflation, over the past two years. “It tells us that the central banks are bankrupt, that we are at the end of the fiat money regime,” said Thiel. He explained that central bankers, people like Fed Chair Jerome Powell, should be “extremely grateful” for Bitcoin because it is “the last warning they will get.” “They have decided to ignore it and they will have to face the consequences in the years to come,” said Thiel.
According to Thiel, ESG is the “real enemy”
Thiel was also upset about the current sustainability trend. “ESG is the real enemy,” said Thiel in his speech. The tech investor explained that ESG is a “hate factory” to keep the value of bitcoin low and that its environmental, social and governance goals are only aimed at exerting even more control. Thiel even compared ESG to the Chinese Communist Party (CCP) – whoever sees ESG should think of CCP, Thiel explained.
Ultimately, according to Thiel, every company, especially after an IPO, is in principle under state control, while Bitcoin is not a company, has no board of directors and it is not known who Satoshi Nakamoto is – in his opinion, the cryptocurrency should therefore be free.
At the end of his presentation, Thiel presented a collage of portraits of Buffett, Fink and Dimon, pictures of members of the Chinese government and the word “gerontocracy”. Thiel ranted that there was a “financial gerontocracy” ruling the country and opposed to “revolutionary youth” and called: “We have to go out of this conference and take over the world!”
While a JPMorgan spokesman declined to comment on the issue and a Berkshire Hathaway representative did not immediately respond to a request for comment, according to CNBC, a BlackRock spokesperson cited comments made by Larry Fink in a letter to shareholders. There, the BlackRock CEO wrote that Russia’s invasion of Ukraine could accelerate the adoption of digital currencies, stating that “a global digital payments system that is thoughtfully designed [] improve the handling of international transactions and at the same time reduce the risk of money laundering and corruption”.
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