High Bitcoin prices are evidence of US inflation

Peter Thiel. Source: A video screenshot, Youtube / Rational Invest

the PayPal Co-founder and venture capitalist billionaire Peter Thiel has claimed that rising Bitcoin (BTC) prices are evidence that inflation has hit the US economy.

Thiel, who, according to Bloomberg, spoke “at a conservative conference” over the weekend that high BTC prices “are an indication that the economy is facing real inflation”.

The investor added that he regretted not buying Bitcoin anymore, stating:

“You know, Bitcoin [at] $ 60,000 – I’m not sure whether to buy aggressively [at that price]. But it certainly tells us that we have a moment of crisis. “

As reported, in October strategists at the investment bank JPMorgan also said that Bitcoin is looking strong at the moment, although they believed it was more inflation concerns than the launch of a Bitcoin Exchange Traded Fund (ETF) that is really driving Bitcoin price up.

Meanwhile, Thiel aimed at the US Federal Reserve, the Federal Reserve (Fed) to allow inflation to rise. He was quoted as saying that the recent price hikes were “not temporary” and said the Fed had so far failed to “address inflation” and “failed to see its seriousness”.

Thiel added that the Fed was showing signs of “epistemic closure” and was essentially closing down on the rapidly evolving problem.

He concluded that the Fed “does not even recognize the problem”, apparently believing it “can print money without causing inflation”.

Thiel previously described himself as a “pro-crypto” and “pro-bitcoin maximalist” and warned Washington of the Chinese crypto raid in September this year that Bitcoin could become a “Chinese financial weapon”.

Last month he said about BTC:

“It’s the canary in the coal mine. It’s the most honest market we have in the country, and he tells us it’s decrepit […] The regime is about to explode. “

At 08:18 UTC, BTC is trading at $ 62,246 and is up nearly 2% in a day and week. Within a month it increased by 29%.

Learn more:
– This could happen if the US defaults on its debt
– Fears of inflation in an unexplored recovery

– IMF warns of higher inflation, but central banks shouldn’t pick up yet
– How Bitcoin and Crypto Could Help Reduce Wealth Inequality (Without Miracles)

– How the traditional financial world could cause a traditional global financial crisis
Bitcoin price faces another test as central bank interest rates rise

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