Billionaire Thomas Peterffy, founder of Interactive Brokers, says he plans to buy more bitcoins once the cryptocurrency reaches $12K. However, he is concerned that bitcoin could become “worthless or outlawed.”
Thomas Peterffy on the U.S. economy and bitcoin
Billionaire Thomas Peterffy discussed his outlook on bitcoin and the U.S. economy in a Forbes interviewlast week.Peterffy is the founder and chairman of the board of Interactive Brokers, an online trading platform He is also the chairman of the board of directors. His net worth is currently $18.4 billion, according to Forbes’ list of billionaires. Interactive Brokers offers cryptocurrency trading.
The billionaire said in January that investors would be wise to have 2% to 3% of their personal wealth in cryptocurrencies in case fiat money goes to “hell.” Last July, he revealed that he held someof his holdings in BTC. Since this is unlikely to become the dominant currency, he said, “we have to act on probabilities.”
He told Forbes last week that despite the recent sell-off in the crypto market, he still believes that bitcoin could become very valuable. He added that he still holds someBTCand said he plans to buy more once the cryptocurrency’s price reaches $12,000. At the time of this writing, Bitcoin is trading at $20,739.
Despite his plans to buy more bitcoin, Peterffy remains cautious about the future of cryptocurrencies. He stressed.
It is very likely that [Bitcoin] will become worthless or outlawed.
The U.S. government may try to ban crypto, the billionaire warned, noting that authorities are concerned that cryptocurrencies are being used to “fund illegal activities. He also noted that the U.S. Treasury Department cannot “control or track payments and collect taxes.”
Peterffy cautioned that U.S. inflation reached a 40-year high in June.
I believe that inflationary pressures will last for years, not months. This is not a short-term problem.
The billionaire discussed his outlook for the stock market, predicting that the U.S. stock market could bottom as early as the fall and that the S&P500 could fall 22% to $3,000 around October The P500 could fall 22% to $3,000 around October, which would be a significant drop for the U.S. economy. He also opined that “if this is the case, stocks will rise and we will enter a long bull market driven by inflation.”
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