Despite the market being in a downtrend, billionaire Thomas Peterffy plans to collect Bitcoin

Despite the market being in a downtrend, billionaire Thomas Peterffy plans to collect Bitcoin

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2022-07-21 01:11:39

Billionaire Thomas Peterffy, founder of Interactive Brokers, said that he is planning to buy more Bitcoin if the price of this cryptocurrency reaches $12,000.

Billionaire Thomas Peterffy still wants to catch the bottom of BTC

Billionaire Thomas Peterffy shared his outlook for Bitcoin and the US economy in an interview with Forbes last week. Peterffy is the founder and chairman of the board of Interactive Brokers, an online trading platform and brokerage firm in the cryptocurrency space. His net worth is currently $18.4 billion, according to the Forbes billionaires list. .

In January, the billionaire said that it is prudent for investors to have between 2% and 3% of their personal wealth in crypto, in case the fiat currency depreciates severely. In July of last year, he revealed that he holds a significant amount of Bitcoin. The view of Thomas Peterffy is that “Putting faith in Bitcoin is like betting on the future. It is very likely that this cryptocurrency will become an alternative to current fiat currencies.”

In an interview with Forbes last week, the billionaire continues to affirm his belief in Bitcoin despite the crypto market being in a sell-off. He is still holding some BTC and plans to buy more if the price of the cryptocurrency hits $12,000. Despite his plans to buy more Bitcoin, Peterffy remains cautious about the future of crypto:

“There’s still a good chance that Bitcoin will become worthless and it will still be outlawed. Let the money I invest in it be a bet. High returns come with great risks.”

The billionaire warned that the US government may seek to ban cryptocurrencies over concerns that cryptocurrencies are being used to “finance illegal activities.” He also noted that the US Treasury Department does not have the ability “to control or track tax payments and collections.”

Commenting on US inflation hitting a 40-year high in June, Peterffy warned:

“I believe inflationary pressures will continue for years, not months. This is not a short-term issue.”

The billionaire continued to share his outlook for the stock market, predicting that the US stock market could bottom out as soon as the fall and the S&P 500 could drop 22% to $3,000 sometime around May. 10. “Ultimately rising prices will catch up with stocks… stocks will enter a protracted bull market driven by inflation.”

Up to now, Bitcoin is at $22,400, a pretty good recovery since the beginning of this July. In the context of the US June CPI at a record high, the largest cryptocurrency has a steady increase that will further confirm its position for investors.

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