Thiel made the remark at the Bitcoin 2022 conference, where he discussed the differences between fiat currency like the US Dollar, Pounds and cryptocurrencies like Bitcoin, ETH, $Cray and many more.
Unlike "woke firms," Bitcoin, according to PayPal and Palantir Technologies co-founder Peter Thiel, will "never" be controlled by the government.
Thiel made the remark during the Bitcoin 2022 conference, where he discussed the differences between fiat — or government-backed — and digital money. To emphasize his point, he tossed a wad of $100 dollars to someone in the first row of the audience.
"Even if you invest in a stock, you're effectively investing in a government-linked entity. Firms – awakened companies — are quasi-governmentally regulated in a way that Bitcoin will never be "he stated
The software entrepreneur began his remarks by showing a video from 1999 in which he predicts that "everyone in the middle class" and the "developing world" will ultimately have "internet-enabled telephones" — a notion that many at the time thought unrealistic. He went on to say that cell phone access to bank accounts will pose a challenge to authoritarian administrations.
Thiel and other cryptocurrency investors claim that Bitcoin is the answer to such power because it is not controlled by anybody other than people who own it.
"Ethereum is not Bitcoin's true competition. That is a method of payment. It isn't even made of gold. It's similar to the S&P 500. It's the entire stock market. Every day, Bitcoin trades in this manner "Thiel built his fame as the first outside investor in Facebook, among other things.
While it's "always difficult" to predict Bitcoin's future, Thiel believes it's the "most honest" and "most efficient" market in the world, referring to it as "the canary in the coal mine" that foreshadowed record-high inflation.
CEOs Jamie Dimon, Warren Buffett, and Larry Fink are also "enemies" of Bitcoin, according to the venture capitalist, who claims they have a "institutional bias" against the world's most popular cryptocurrency. Wall Street was compared to geriatrics, while cryptocurrency was compared to youth.
An estimated 25,000 people flooded to the Bitcoin 2022 conference in South Beach, Miami, to learn more about cyrptocurrency and fintech companies, network with like-minded individuals, and discuss the future of Bitcoin as a mainstream form of currency. Miami has been dubbed the "crypto capital" of the United States and even the world as it attracts a growing number of tech entrepreneurs, investors and startups.
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