17 Jul Billionaire Thomas Peterffy Plans to Buy Bitcoin Despite Concerns BTC Could ‘Become Worthless or Outlawed’
Billionaire Thomas Peterffy, founder of Interactive Brokers, says he plans to buy more bitcoin if the price of the cryptocurrency hits $12K. However, he remains concerned that bitcoin could “become worthless or outlawed.”
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 last week. Peterffy is the founder and chairman of the board of directors of Interactive Brokers, an online trading platform. 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 it is prudent for investors to have 2% to 3% of their personal wealth in cryptocurrencies, just in case fiat currency goes to “hell.” In July last year, he revealed that he is holding some BTC, stating that “there’s a small chance that this 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 crypto market sell-off. He added that he is still holding 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.
Despite planning to buy more bitcoin, Peterffy remains cautious about the future of the cryptocurrency. He stressed:
Chances are very high that [bitcoin] will become worthless or outlawed.
The U.S. government could seek to ban crypto, the billionaire warned, noting that officials are concerned that cryptocurrencies are being used to “provide financing for illegal activities.” He also noted the U.S. Treasury Department’s inability to “control or keep track of payments and collect taxes.”
Commenting on U.S. inflation hitting a 40-year high in June, Peterffy cautioned:
I believe inflationary pressures will continue for years, not months. This is not a short-term issue.
The billionaire proceeded to share his outlook for the stock market, predicting that U.S. equity markets could hit bottom as soon as the fall and the S&P 500 could decline 22% to $3,000 around October. “Eventually rising prices will catch up with stocks … stocks will enter a long bull market propelled by inflation,” he opined.
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