Thursday, December 9

“Bitcoin at $60,000 is a sign that the government is in danger,” says co-founder of Paypal

Bitcoin is being traded at record values ​​since the beginning of this Wednesday (20) and whenever the cryptocurrency reaches a new record, many are excited about its importance to the financial sector. For the billionaire co-founder of Paypal, Peter Thiel, Bitcoin trading above $60,000 is a big sign that the current “decrepit” system of government is about to implode.

During a presentation last Monday at the Federalist Society, Thiel compared Bitcoin to a mine canary, which serves to indicate the quality of air in former coal mines. For him, the canary is indicating that the current system of government is in danger.

“I don’t know if you should put all your money into Bitcoin with the price tag at $60K a coin right now. But the fact that he’s at $60,000 is certainly a very positive sign. It’s the canary in the coal mine. It’s the most honest market we have in our country and he’s saying this decrepit regime is about to implode.”

Governments and Bitcoin

It is noteworthy that when the famous venture capital investor made these comments, Bitcoin had not yet exceeded US$ 65,000, a price that only reached this Wednesday (20). In other words, if $60,000 was a sign of government weakness, the current price further consolidates the idea.

Thiel is a big critic of the government, as are many bitcoinners. Part of a conservative group, he is against environmental protection laws and immigrant laws, saying that they prevent the US budget from coming into balance and that such laws need to be eliminated for the country’s recovery.

He is against central banks and said that the US Fed is a “centre-left institution that is the most overvalued in the entire western world” and that with cryptocurrencies, people can succeed in stopping the “world state ”.

While Peter Thiel seems to be leaning more towards conspiracy theories and a shallow understanding of his country’s political alignment, it is undeniable that $60,000 Bitcoin may demonstrate a lack of faith in central banks and public policy, as institutions seek to the digital asset as a possible store of value.