Peter Thiel Describes Bitcoin’s Surge as Reflection of US’ Failing Political System
According to a story from The Information, the tech billionaire Peter Thiel believes that the United States’ political system is unsustainable, and that the rising price of the decentralized cryptocurrency bitcoin serves as more evidence of this. “I’m not sure you should invest all of your cash into bitcoin at $60,000 a bitcoin at this moment,” Thiel remarked at a meeting of the Federalist Society, a conservative legal organization, on Monday night.
“However, the reality that it is at $60,000 is a really encouraging indication,” he added of the current price. “It is the canary in the coal mine, as they say. In our nation, it is the most genuine market, and it is warning us that this decaying… government is on the verge of collapsing.”
The venture investor made his remarks before bitcoin soared to a historic highs of $66,812.68 on Wednesday, fueled by the trading debut of ProShares Bitcoin Strategy ETF, the world’s first exchange-traded fund that invests in bitcoin futures.
When the price of bitcoin reached $64,804.72, it surpassed the previous record of $64,804.72, which was set in April, just after the cryptocurrency exchange Coinbase became public.
Thiel has made investments in the cryptocurrency sector via venture capital companies that he has assisted to create, such as the Founders Fund. One of the investors in 1confirmation, with Marc Andreessen and Mark Cuban, is him.
During a conference hosted by the Stanford Law School chapter of the Federalist Society on Monday, Thiel argued that environmental and immigration regulations be repealed in order to balance the federal government’s budget, according to The Information, which also reported that Thiel called President Joe Biden a “catastrophe.”
In addition, he spoke out against “the Clinton-Obama administration for reorganising the deck chairs and sweeping the floors” of the Titanic, the president rails against the world’s central banks, claiming that the United States Federal Reserve is a “center-left organization that is the most overrated across the Western world.”
As reported by The Information, now is the moment to put an end to the “one-world state,” and with the assistance of cryptography, he believes that “we are going to succeed.”