Bitcoin rat poison, or is Warren Buffett's granddad a psychotic killer?
Bitcoin 2022 conference in Miami did not fall short of expectations. Investors who paid money to attend this event have certainly received their money's worth in terms of drama and intrigue. Bitcoin bears have turned into state foes, with Bitcoin maximalists using the chance to argue that the bears are mistaken in their beliefs.
Bitcoin is the future, according to PayPal and Palantir founder Peter Thiel and many others at this conference. This argument appears to have held water for those in the crypto world who have been preaching the long-term upside of cryptocurrencies like Bitcoin.
However, a number of prominent critics have claimed that cryptocurrencies such as Bitcoin are uninvestable. Those who disagree appear to continue to enrage public figures like Thiel.
Thiel launched an intriguing tirade at the conference, criticizing certain large figures in the investment sector for their views on Bitcoin. Warren Buffett of Berkshire Hathaway , one of the world's finest investors, was dubbed "enemy number one" for his opinions on Bitcoin. Buffett was dubbed a "sociopathic grandpa from Omaha" by Thiel, who posted a picture of him alongside the phrase "rat poison." These terms have previously been used by Buffett and his collaborator Charlie Munger to characterize Bitcoin.
JPMorgan CEO Jamie Dimon and Blackrock CEO Larry Fink have both been chastised in the past for their views on Bitcoin. Dimon, interestingly, has reversed his position on the issue. The message of this talk, though, was clear: Thiel appears to believe that Bitcoin bears are out to destroy the currency's value.
What Are Your Thoughts on Peter Thiel's Attack on Bitcoin Bears?
Peter Thiel, in my opinion, is a tremendous visionary and entrepreneur. His businesses are as spectacular as they are forward-thinking. Where credit is due, credit is given.
Thiel's statements, on the other hand, miss the mark on a number of levels, in my opinion.
To begin, I believe that approaching any investment with a "we vs them" mentality is risky. Ignoring the opinions of bears, short-sellers, and others who have a poor outlook on an investment that you believe will do well over time is a disservice to investors. By dismissing the (often genuine) comments of individuals who hold opposing viewpoints, investors risk blinding themselves to potentially major hazards that should not be overlooked.
Second, the tone of the presentation may deter potential Bitcoin investors from participating. Thiel has turned Bitcoin into a religion. Investors, I believe, are seeking for a balanced, serious, and intellectual conversation in current market. In every department, these comments were inadequate.
Peter Thiel crypto investments
Thiel has invested in blockchain-based firms and cryptocurrency exchanges as a partner at venture capital firm Founders Fund, in addition to holding Bitcoin personally. He's also said to be a member of a group that funds Republican candidates.