Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Brokerage pioneer Thomas Peterffy spoke to Forbes about his economic outlook, and he’s a firm believer that inflation a general increase in prices and fall in the purchasing value of money. will last for years, not months.
- Billionaire Peterfly thinks inflation will last for years to come
- He wants to buy Bitcoin, but only when it drops below USD $12,000.
- You have between 2 and 3% of your wealth in crypto.
Billionaire Thomas Peterffy, founder and chief executive officer of Interactive Brokers is one of the experts who has been concerned about the inflationary situation in the United States.
As told DiarioBitcoin This week, it was officially reported that June inflation was 1.3%, which adds up to a 1.3% increase in the annual inflation of 9.1%, the highest in 41 years for that country. . This situation has affected the entire industry and investors.
In an interview with Forbes, Peterffy, 77, said:
“I think inflationary pressures will continue for years, not months. This is not a short-term problem.”
Peterffy, who is worth $18.1 billion, said there are several reasons why inflation is here to stay:
- Decades of chronic deficit spending in the US;
- Continued disruption in supply chains as globalization “reverses”;
- Shortage of skilled workers and increasing automation;
- ESG (environmental, social and governance) requirements self-imposed by companies that “increase production costs”;
- And rising interest rates, the very mechanism designed to curb inflation.
“As the Federal Reserve raises interest rates, the amount the country must pay to pay increases.” his debt, says Peterffy. “ This is a vicious cycle that will eventually result in an explosive debt.
It is worth noting that while many expect the Fed to raise benchmark benchmarking is a method of comparing the performance of your asset or investment portfolio to that of similar assets to see whether there is a gap that can be bridged by increasing performance indicators. interest rates by at least 75 basis points, Peterffy does not expect to see a repeat of the 1980s, when the Fed raised interest rates to double digits, inducing a crushing recession but killing inflation.
“I don’t think the Fed will make good on its promise to ‘do whatever it takes’ [to reduce inflation], because they’re afraid of destroying the economy and the debt problem.” he told Forbes .
According to the billionaire, the Reserva Federal will limit benchmark rates to around 4% and, as a result, inflation will hover around 6% over the next few years. “There will be stagflation for a while.” predice.
More on inflation and investment
Peterffy also expects U.S. equity equity is the funds that would be returned to a company's shareholders if all of the company's assets were dissolved and all debts were paid off in the event of liquidation. markets to bottom in the third quarter. He told Forbes The S&P 500 could fall to 3000 around October, a 21% drop from its current value of around 3800. The S&P 500 index has already plunged more than 20% from its all-time high last November.
“Eventually, rising prices will catch up with stocks.” Peterffy insists, and as a result, “stocks will enter an extended period of an inflation-driven bull a person that is optimistic and confident that market prices will increase, this person is also known to be "bullish" about the market or price. market.”
On this, he adds: “This is a good time to research and accumulate shares of companies.”
He believes that investors should target companies that are “investing in its [own] competitiveness during this environment and gaining market an area or arena, online or offline, in which commercial dealings are conducted. share.” dice.
In January, Peterffy said investors should consider keeping 2% to 3% of their wealth in cryptocurrencies to protect against fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies that “ they’re going to hell”. . However, now, after the market downturn and liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. crisis that shook the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry, Peterffy is not optimistic.
“I think there’s a good chance it (Bitcoin) will lose its value or become illegal.” at some point, he told Forbes. He believes the U.S. government could try to ban cryptocurrencies amid concerns that the Executive has expressed about the use of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets to fund illegal activities, as well as the Treasury Department’s inability to “monitor or track payments and collect taxes”.
However, the media outlet clarifies that Peterffy hasn’t dumped his digital assets yet. He still has some bitcoins anddice que comprará más si llega a USD $12.000 por unidad. Even that figure is still far off, today, according to the data from CryptoMarkets, Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. has a price of USD $20,846, 5.36% higher than yesterday at the same time, although it does not seem to be able to move from the USD $20,000 barrier.
Looking ahead, Peterffy is thinking about more than just markets. When Forbes asked him about his perspective, he replied with a smile: “I hope I survive.”
Interestingly enough, in this interview, Peterfly acknowledged himself as an investor, when he in 2019 had uttered the following words:
“Cryptocurrencies do not have a mature, regulated regulation is when something is controlled by a specific set of rules. and proven market, as their products have been around for less than 10 years and have little or no relation to any real economic circumstance in the world.”
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