Key Takeaways:
- Peter Thiel describes the increased price of bitcoin as evidence that the US economy is battling Inflation.
- He blamed the Federal Reserve for the rapidly increasing inflation in the country.
- Thiel once described himself as an ardent supporter of crypto and bitcoin and warned Washington that China might eventually turn Crypto into its financial weapon.
- He described Bitcoin as the most real market in the United States.
According to Bloomberg, the investors highlighted in his address at the Conservative Conference last weekend that the high value of the digital asset proves the country's economy is facing actual inflation.
The Venture Capitalist Billionaire regretted not buying more of the virtual money sooner.
As per a JPMorgan research from October, bitcoin is now strong. They claim that the recent introduction of the bitcoin ETF is not responsible for the coin's price surge.
Meanwhile, PayPal CEO criticized the US Federal Reserve for rising prices. He claimed the Fed has been unable to find a solution to the inflation and has not taken it seriously enough.
He noted that the Federal Reserve showed "epistemic closure," refusing to address the fast growing problem.
He concluded that the Federal Reserve is not even acknowledging the problem, since it could print more money without causing inflation.
Thiel has previously said that he is a big fan of cryptocurrencies and Bitcoin. He warned Washington that Cryptocurrency may become China's financial weapon before China cracked down on it a few months ago.
Related post:Sen. Lummis Praises Bitcoin as the US Increases Debt Limit
In October, he called Bitcoin a "canary in the coal mine." He said it is the country's most dependable and true market, implying a collapsed government.
Do you believe the rising value of Bitcoin is an indicator of US economic inflation?
