Interactive Brokers founder Thomas Peterffy is a billionaire who plans to purchase more bitcoin when the price of cryptocurrency reaches $12K. However, he remains concerned that bitcoin could “become worthless or outlawed.”
Thomas Peterffy, U.S. Economy and Bitcoin
Forbes interviewed Thomas Peterffy, a billionaire who shared his thoughts on Bitcoin and the U.S. economic outlook in a recent interview. Peterffy is also the co-founder and chairman of Interactive Brokers. This online trading platform allows for trades. His net worth is currently $18.4 billion, according to Forbes’ list of billionaires. Interactive Brokers allows 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.”
Forbes reported last week that he believes bitcoin can become very valuable, despite recent market declines. According to him, he has still some Bitcoin and is willing to purchase more once the cryptocurrency’s price reaches $12,000. As of this writing bitcoin was trading at $20.739.
Peterffy is still cautious about what the future holds for bitcoin, despite his plans to purchase more. He stressed:
There are good chances that you will be successful. [bitcoin]Becomes illegal or worthless.
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.”
Peterffy warned against the U.S. Inflation hitting its 40-year peak in June.
Inflationary pressures are likely to continue for many years and not just for a few months. This is not a temporary 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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