In addition, the importance of ensuring that large investors focus on this industry and that those who make up the ecosystem contribute by educating and raising awareness was highlighted.
Dollar
Billionaires Ricardo B. Salinas (Mexico) and Orlando Bravo (Puerto Rico) took advantage of an appearance at the Bitcoin 2022 conference in Miami to warn regarding the dangers of US dollar inflation, according to Bloomberg.
“I have a big grudge once morest fiat money, I call it fiat fraud,” Salinas, owner of Mexico’s Banco Azteca, said Thursday. He told the story of how his salary as a young MBA graduate in Mexico in the 1980s dropped from around $2,000 a month to just $20 over a six-year period, adding that “that’s hyperinflation.” .
Bravo, co-founder of private equity firm Thoma Bravo, said he has been receiving calls from large sovereign and pension funds asking regarding investing in Bitcoin.
“You don’t have to be an economist to see what’s going on with inflation,” he said, pointing to the $2 trillion that was pumped into the economy. “You can make all kinds of excuses regarding supply chains and all the geopolitical issues, but when you pump that much money into the economy, you’re going to massively devalue that currency.”
Warren Buffet
Peter Thiel, the billionaire co-founder of PayPal and Palantir called Warren Buffet the “Number 1 enemy” for bitcoin fans during his keynote speech. He is clear that these criticisms have slowed the adoption of cryptocurrency in society and this has weighed on its price.
Thiel was very harsh on Buffet whom he called “sociopathic grandpa from Omaha.” Words over the years from Buffet have not been kind to cryptocurrency either. In 2018 he called bitcoin “rat poison.” In 2019 he made it clear that he “didn’t see any unique value in it” and that bitcoin “didn’t produce anything.”
Thiel did not cut himself off with other managers either. He thinks that Jamie Dimon, CEO of JP Morgan, and Larry Fink, CEO of BlackRock, are other members of a “financial managerial cracy” that opposes the “revolutionary youth movement” behind bitcoin.
“This is what we have to fight for so that Bitcoin goes up 10x or 100x from here,” Thiel adds according to a report by Business Insider.
The price of Bitcoin
The prominent technology stock investor is still clear that the price of bitcoin will reach one million dollars in the coming years.
“As many of you may know, in our big ideas for 2022… we have a 2030 price target for Bitcoin of over $1 million,” Wood says, pointing out to the audience the January 2022 call posted on his site. Ark Invest website.
“If you come in, you’ll see how we build that case… all we expect for the next 8 years is that regarding 2.5% of institutional assets will be allocated to bitcoin.”
“That’s how institutional investors work, they tiptoe in. In the ’70s it was real estate and in the ’80s and ’90s it was emerging markets,” he explains. “And now I think it’s going to be crypto starting with bitcoin and that’s very important.”
Regulation
The MicroStrategy CEO was optimistic regarding the general tone he has heard lately from Washington towards cryptocurrencies. “I think a couple of weeks ago with the executive order, what we had was the president of the United States gave bitcoin the green light,” he revealed as he sat next to Wood on his joint panel.
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Saylor was referring to President Joe Biden’s executive order in March to continue working on developing a national policy on digital currencies.
“If I look back over the last 100 years of history and ask, ‘When was the last time the president of the United States ordered the government to adopt a new asset class?’ The answer is never. So I think bitcoin should be celebrating because of what has happened in the last few weeks in the US government,” Saylor adds.
a color fact
The president of El Salvador, Nayib Bukele, was invited to participate in the Conference but canceled at the last minute. It is worth remembering that El Salvador accepted Bitcoin as legal tender in September 2021, and was the first country to do so despite criticism. He explained that he is canceling his participation due to “unforeseen circumstances” that require his presence “full time” as president of the nation.