Billionaire Thomas Peterffy Plans to Buy Bitcoin Despite Concerns BTC Could ‘Become Worthless or Outlawed’

Billionaire Thomas Peterffy Plans to Buy More 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.

What do you think about the comments by billionaire Thomas Peterffy? Let us know in the comments section below.

Earning Passive Income With Crypto

Related Posts

20000% in One Minute on Play to Earn Game Tothesmart

PRESS RELEASE. The crypto enthusiast has got 10,032 BUSD into their wallet by buying virtual miners in the Play To Earn game Tothesmart for only 50 BUSD….

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days

The Merge has successfully been implemented into Ethereum’s third and final testnet, Goerli, after previously adding Merge support to the testnets Sepolia and Ropsten. The Merge was…

Arsenal Loses Appeal Over Misleading Crypto Advertising

Premier League giants Arsenal F.C. have lost an appeal and been given a second warning by the U.K.’s Advertising Standards Authority (ASA) over the “misleading” marketing of…

Medieval Empires: Ertugrul To Ease Entry Into Web3 Gaming

In light of blockchain gaming’s advancement into the mainstream gaming industry, Medieval Empires: Ertugrul’s founding team attended the Blockchain Economy Istanbul Summit, the biggest blockchain event in…

Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10%

Cosmos rose to its highest point since May earlier in today’s session, as crypto markets surged on Thursday. The global market cap is trading over 6.27% higher…

Task Force to Expedite Review of South Korean Virtual Asset Bills

South Korea’s top financial regulator has assigned a task force to “expedite the review process of bills on virtual assets,” said its chairman Kim Joo-hyun. The task…