The high bitcoin prices are living proof of the US inflation rise according to PayPal co-founder and venture capitalist Peter Thiel so let’s read more in our latest Bitcoin news today.
Thiel claimed that the rising bitcoin prices are proof that inflation takes the hold of the United States Economy. He spoke at the weekend conservative conference and noted that the high bitcoin prices are indicating that the economy is facing some real inflation. The investor added that he regretted not buying more BTC earlier:
“You know, bitcoin [at] USD 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.”
As reproted, the strategists at investment bank JPMorgan said that BTC looks strong at the moment but they think that there are some high inflation concerns rather than the launch of a Bitcoin-exchange traded fund which is propelling the BTC price higher. In the meantime, Thiel took aim at the US central bank for allowing inflation to increase to these levels. He stated that the recent price rises are not transitionary and said that the FED failed to address inflation and didn’t recognize its seriousness. Thiel added that the FED was showing signs of epistemic closure and shut its mind to the developing problem, concluding that the fED is not even acknowledging the problem because they consider printing money a solution.
Peter Thiel called himself a pro-crypto and BTC maximalist prior to the Chinese crypto crackdown in September, warning Washington that BTC could become the Chinese financial weapon. Thiel wasn’t really talking about BTC but about China’s plans to create the digital yuan. The Moderator Hugh Hewitt wanted to know either the digital yuan is a threat to the dollar and how it will dominate the world markets. The real concern according to Thiel is BTC because it can serve as a functional reserve currency while the dollar is less dominant which means the American monetary and foreign policies will also be less effective. He said:
“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.”
Right now, BTC trades at $62,246 and it increased by 2% in a day, rallying 29% in a month.
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