Not long ago, tech investor Peter Thiel – who is known for his role in the creation of PayPal, one of the largest and most popular digital payment systems in the world – took aim at Warren Buffett, calling him a “psychopathic grandpa from Omaha.” This was in response to Buffett’s repeated attacks on bitcoin. Buffett has referred to BTC “rat poison squared” in the past.
Peter Thiel and Warren Buffett Fight It Out Over BTC
Thiel also hit out at Jamie Dimon, the man behind JPMorgan Chase, and Larry Fink of BlackRock fame, which is odd considering Fink has come out recently to say that his firm is suddenly looking into crypto-based services. Thiel is not happy about the things they’ve said about bitcoin, and he’s confident that their words are harming the currency’s price.
This is what we have to fight for… for bitcoin to go ten times or 100 times from here.
His fights with the three named financial executives have stirred mixed reactions from the bitcoin community. Anthony Scaramucci, the founder and managing partner of Sky Bridge Capital, said in an interview:
While the ‘financial gerontocracy’ of Warren Buffet, Jamie Dimon, and Larry Fink is a real phenomenon, it is not an impediment to another bitcoin bull cycle. Bitcoin is a democratic asset, and we’re seeing consumer demand force institutions like JPMorgan and BlackRock to build out bitcoin and crypto services for clients. Just this week, Fink himself noted strong consumer demand for bitcoin, and BlackRock invested in Circle’s $400 million round. Bitcoin is in search of its next large marginal buyer, which will come in the form of large asset allocators when we have more regulatory clarity on how digital assets will be treated.
Staci Warden – CEO of the Algorand Foundation – also threw his two cents into the mix, stating:
Thiel’s response to bitcoin skepticism has some truth, in that the leaders of traditional finance have been too slow to recognize the legitimacy of bitcoin as a digital store of value, but his maximalist view (the belief that bitcoin is the only cryptocurrency that will matter in the future) in the end suffers from the same lack of vision as those whom he attacks.
BTC Makes These People Obsolete
Peter Eberle – president and chief investment officer of Castle Funds – said:
What do Warren Buffet, Jamie Dimon, and Larry Fink have in common? They work for some of the largest middlemen in the world. Why would they support bitcoin? It makes them obsolete. Warren Buffett investments are focused on middlemen businesses. Businesses where you need to hire a middleman who gets paid a commission – insurance, real estate, banking etc. I am not surprised that Warren Buffet opposes bitcoin. It makes him obsolete.
Over the past several days, bitcoin has been meandering between the high $30,000 range and $40,000.