Thursday, December 9

American billionaire says Bitcoin is the most honest market in the country

Peter Thiel, a billionaire and co-founder of PayPal, spoke about the price and value of Bitcoin during The Federalist Society’s conference on law and technology, according to him that the Bitcoin market is the most honest in the country.

His speech is an attack on US monetary policies, believing Bitcoin could be a way out.

Thiel is a visionary, having invested early in several companies that are now giants, such as Airbnb, LinkedIn, SpaceX, Spotify and others linked to cryptocurrencies such as and Bitpanda.

Bitcoin passes $66,000

Even before Bitcoin accumulated a market value of 7 trillion reais and broke its historic high and was trading above $65,000 per unit, Peter Thiel, co-founder of PayPal, said the fact that Bitcoin was above $60,000 It is a good sign.

According to Thiel, it’s hard to say that Bitcoin is worth putting all your money into, although its price is a good sign that there’s something wrong with the traditional economy.

“I don’t know if you should put all your money in bitcoin at 60,000 USD per BTC right now but certainly the fact that it’s 60,000 USD is an extremely promising sign. It’s the canary in a coal mine. It’s the most honest market we have in the country and it’s telling us that this old regime is about to explode.”

One of the reasons that PayPal’s co-founder may have said that this is the most honest market is that it’s totally free, plus it allows anyone to participate in it.

Regarding the expression “canary in a coal mine”, this was a practice adopted by coal miners, who used birds to measure the oxygen level in the environment. If the canary died, it was a sign of danger. And that’s exactly what Bitcoin does, opening doors to other cryptocurrencies and services around you.

Peter Thiel e o Bitcoin

The billionaire has been investing in the market for a few years, in October 2019 he invested 50 million dollars in an American Bitcoin mining company, Layer1. Today the industry is stronger than ever in America, with listed companies appreciating more than 2,000% in one year.

In addition, Thiel is also a co-founder of Valar Ventures, a company that has already invested millions in other companies linked to cryptocurrencies, such as Bitpanda. However, PayPal’s co-founder had entered Bitcoin before that, through a direct investment in the currency when he bought between 15 and 20 million dollars in 2017.

Another curious point is that Thiel claimed earlier this year that Bitcoin could be used by China as a financial weapon. However, after the banning of the BTC in the country, this hypothesis seems to have been discarded.