Unusual: This billionaire thinks that Bitcoin will "lose its value or become illegal", but buys it anyway!

Unusual: This billionaire thinks that Bitcoin will “lose its value or become illegal”, but buys it anyway!

Billionaire Thomas Peterffy, founder of Interactive Brokers, says he plans to buy more bitcoin if the price of crypto-currency reached 12,000 dollars. However, he remains concerned that bitcoin could “lose value or become illegal.”

Thomas Peterffy on the US economy and bitcoin

Billionaire Thomas Peterffy shared his outlook for bitcoin and the US economy in an interview with Forbes last week. Mr. Peterffy is the Founder and Chairman of the Board of Interactive Brokers, an online trading platform. This may interest you: Elon Musk & Tesla: a multi-billion bet on bitcoin, has it paid off?. His net worth is currently $18.4 billion, according to Forbes Billionaires List. Interactive Brokers offers transactions in cryptocurrencies.

The billionaire said in January that it was prudent for investors to hold 2-3% of their personal wealth in cryptocurrencies, just in case fiat money went “to hell”. In July last year, he disclosed that he held some BTC, stating that “there is a slim chance it will be a dominant currency, so you have to play the odds. »

He told Forbes last week that he still believes bitcoin could become very valuable despite the recent selloff in the cryptocurrency market. He added that he still holds some BTC and plans to buy more if the price of the cryptocurrency hits $12,000. At the time of writing, bitcoin is trading at $20,739.

Although he plans to buy more bitcoins, Mr. Peterffy remains cautious about the future of the cryptocurrency. He underlines :

There is a strong chance that the [bitcoin] loses all value or becomes illegal.

The US government may seek to ban crypto, the billionaire warned, noting that officials are concerned that cryptocurrencies are being used to “provide funding for illegal activities. He also pointed to the US Treasury Department’s inability to “monitor or track payments and collect taxes.” »

Commenting on US inflation which hit a 40-year high in June, Peterffy warned:

I think inflationary pressures will continue for years, not months. This is not a short term problem.

The billionaire then shared his outlook for the stock market, predicting that US stock markets could bottom out as soon as the fall and the S&P 500 could drop 22% to $3,000 around October. “Rising prices will eventually catch up to equities…Equities will enter a long inflation-propelled bull market,” he said.

What do you think of billionaire Thomas Peterffy’s comments? Let us know in the comments section below.

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Thomas Estimbre
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