Billionaire Thomas Peterffy Plans to Buy Bitcoin Despite Concerns BTC Could ‘Become Worthless or Outlawed’
In an interview with Forbes, Thomas Peterffy, a billionaire, shared his views on bitcoin and the U.S. Economy. Peterffy is the founder of Interactive Brokers and the chairman of its board of directors. This online trading platform allows for anonymous trading. According to Forbes, his net worth is $18.4 million. Interactive Brokers provides cryptocurrency trading.
In January, the billionaire stated that it was prudent for investors to keep 2% to 33% of their personal wealth in cryptocurrency in case fiat currency crashes to ‘hell. He stated in July that he has some Bitcoin. He said that there is a chance that it will become a dominant currency.
Forbes reported last week that he believes bitcoin can become very valuable, despite recent market declines. He said that he still has BTC, and will buy more if the cryptocurrency reaches $12,000. Bitcoin is currently trading at $20.739.
Peterffy is still cautious about the future, despite his plans to purchase more bitcoin. He stressed:
There are high chances that [bitcoin] could be illegalized or become worthless.
The billionaire said that the U.S. could ban crypto and that officials are concerned about cryptocurrencies being used to finance illegal activities. He also pointed out the inability of the U.S. Treasury Department to collect taxes and control payments.
Peterffy warned against the U.S. inflation reaching a 40-year peak in June.
Inflationary pressures will be there for many years and not just for a few months, I believe. This is not a temporary issue.
He shared his outlook on the stock market and predicted that the U.S. equity markets would hit bottom in the coming fall. The S&P 500 could drop 22% to $3,000 by October. He stated that eventually stocks will be caught up by rising prices. Stocks will enter a bull market driven by inflation.