Billionaire Thomas Peterffy, creator of Interactive Brokers, states he plans to buy more bitcoin if the cost of the cryptocurrency strikes $12K. However, he stays worried that bitcoin could “end up being worthless or disallowed.”
Thomas Peterffy on the U.S. Economy and Bitcoin
Billionaire Thomas Peterffy shared his outlook for bitcoin and the U.S. economy in an interview with Forbes recently. Peterffy is the creator and chairman of the board of directors of Interactive Brokers, an online trading platform. His net worth is presently $18.4 billion, according to Forbes’ list of billionaires. Interactive Brokers deals cryptocurrency trading.
The billionaire stated in January that it is sensible for financiers to have 2% to 3% of their individual wealth in cryptocurrencies, simply in case fiat currency goes to “hell.” In July in 2015, he exposed that he is holding some BTC, mentioning that “there’s a little opportunity that this will be a dominant currency, so you have to play the chances.”
He informed Forbes recently that he still thinks bitcoin could end up being extremely important despite the current crypto market sell-off. He included that he is still holding some BTC and plans to buy more if the cost of the cryptocurrency strikes $12,000. At the time of composing, bitcoin is trading at $20,739.
Despite preparation to buy more bitcoin, Peterffy stays mindful about the future of the cryptocurrency. He worried:
Chances are extremely high that [bitcoin] will end up being worthless or disallowed.
The U.S. federal government could look for to restriction crypto, the billionaire alerted, keeping in mind that authorities are worried that cryptocurrencies are being utilized to “supply funding for prohibited activities.” He also kept in mind the U.S. Treasury Department’s failure to “control or track payments and gather taxes.”
Commenting on U.S. inflation striking a 40-year high in June, Peterffy warned:
I think inflationary pressures will continue for many years, not months. This is not a short-term problem.
The billionaire continued to share his outlook for the stock exchange, anticipating that U.S. equity markets could strike bottom as quickly as the fall and the S&P 500 could decrease 22% to $3,000 around October. “Eventually increasing costs will overtake stocks … stocks will get in a long booming market moved by inflation,” he believed.
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