PayPal Co-Founder Claims Bitcoin’s Sharp Rise is not Good for US Economy
Peter Theil is the prodigal co-founder of fintech giant PayPal. He has been quite active speaking about the matters relating to cryptocurrency trading and its impact recently. Theil is often associated with Palantir Technologies as well. This company is a software development organization that has been based out of Colorado since 2003.
Theil was invited as a keynote speaker at the National Conservatism Conference or NatCon in Florida. Speaking on the matter of Bitcoin prices, he claimed that it is not a good sign for the US economy. It is worth noting that the price of the flagship crypto has switched to the bullish lane since last month after being in a stagnant state for more than three consecutive months.
US Economy is Facing Worst Inflation
Peter Theil’s comment made it to the biggest financial publications like Bloomberg. As per excerpts from his NatCon keynote speech, the rise in Bitcoin prices is a direct indication of an increase in the rates of inflation. He has claimed in the past that he felt underexposed to the flagship cryptocurrency. Expressing his views on Bitcoin, he told media that he wished that he had gained more exposure to the top coin.
However, recently Theil viewed the rise in prices of Bitcoin as a threat to the US economy. He said that when Bitcoin’s price reached $66K, it meant that the centralized banking system had entered into a phase of the crisis. He further added that he views Bitcoin as a hedge against inflation.
Peter Theil is considered to be a noteworthy figure in the fintech industry. His take on the latest financial technologies is often considered sound advice by his followers. He has been a firm advocate of cryptocurrency trading. He has also gone as far as showing his support and endorsement for a new crypto exchange called Block. one launched last month.
In addition to thinking that Bitcoin is worth investing more of his money, he has gone on to expand his investment in more than one type of digital asset. As noted by financial publications, Theil also owns several different crypto tokens like BitDAO, Bullish, and EOS. He has pointed out that the latest bullish wave of Bitcoin is a reflection of the listing of the first-ever Bitcoin ETF in the United States. According to him, this new ETF has encouraged traditional investors to gain exposure in Bitcoin indirectly.