Bitcoin at $60k signals 'a crisis moment' in the economy, says tech billionaire Peter Thiel
(Kitco News) Tech billionaire Peter Thiel views bitcoin at $60,000 as signaling "a crisis moment," stating that he regrets not buying more earlier.
"Bitcoin [at] $60,000 – I'm not sure that one should aggressively buy [at that price]. But surely what it is telling us is that we are having a crisis moment," Thiel said at the second National Conservatism Conference.
High crypto prices point to an inflation problem in the economy, Thiel clarified. The PayPal co-founder added that prices are "not transitory," as the Federal Reserve has repeatedly claimed.
Thiel also critiqued the Fed for not recognizing and addressing inflation as a serious problem.
He described the U.S. central bank as in a state of "epistemic closure," noting that it has been closed-minded to the problem of money printing. The Fed "isn't even acknowledging the problem," and it seems to believe that it "could print money without triggering inflation," Thiel said.
Last month, Thiel referred to bitcoin as the "most honest market" in the U.S.
"The fact that [bitcoin] is at $60,000 is an extremely hopeful sign. It's the canary in the coal mine. It's the most honest market we have in the country, and it's telling us that this decrepit … regime is just about to blow up," Thiel said at an event in Miami.
At the time of writing, bitcoin was trading at $61,122, down 0.34% on the day.
For Kitco News
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