Amid Thursday’s Bitcoin 2022 conference taking place in Miami, tech investor and PayPal founder Peter Thiel burst into a long discourse surrounding the cryptocurrency ecosystem, pointing fingers at some of the biggest investors in finance. The event, which started on April 6th and ended on Apr. 9, brought Thiel out for a keynote address, wherein he called Warren Buffet a “sociopathic grandpa from Omaha.”The entrepreneur argues that the ecosystem around bitcoin has become tainted by a “finance gerontocracy.” In layman’s terms, a gerontocracy is essentially an embodiment of people, i.e. a group or country, that is ruled largely by the elderly. Thiel’s long-winded complaints go so far as to put the blame on principals like the environmental, social, and corporate governance (ESG) and banking institutions for limiting the outward potential of bitcoin and cryptocurrency in general.
His speech began by detailing the potential of investing in bitcoin, highlighting the ever-volatile nature of cryptocurrencies and their position in future climates. Shortly after his nearly 30-minute speech, however, Thiel began to underscore his many complaints, including blaming Jamie Dimon, CEO of JP Morgan, and Black Rock boardroom chairman Larry Fink for diminishing and mitigate the push out of cryptocurrencies.
“it’s a movement, and it’s a political question, is this movement going to be successful, or are the enemies of a movement going to be successful in stopping us. and so maybe I want to end with a list of enemies , a list of people who I think are holding up bitcoin. there are a lot of them, they tend to have a nameless, faceless bureaucrat perspective, which is of course one of the ways they hide.”
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thiel went on to relate that “this is what we have to fight for bitcoin to go up 10x or 100x from here,” showing the next slide that featured a buffet with the quotes “rat poison” and “I don’t have any and never will.” I will do”, the latter, of course, referring to the digital currency. Thiel’s comments paint a picture of a wide-ranging initiative to bring assets into a broader perspective. she coins naysayers who don’t invest in bitcoin to make a “deeply political choice.”
In terms of value and potential weight in the cryptocurrency markets, Thiel sees a future on par with the $100 trillion global stock market. The cryptocurrency market currently sits at a valuation of $830 billion, with recent dips and ever-volatile realities about nefarious transactions assigning increasing skepticism in its mainstream acceptance across the board. But, Thiel says that the only way to enhance their growth is through the involvement of the financial establishment and by stimulating the youth.
The tech entrepreneur likened the future bitcoin landscape to a literal war between the ideals of the “revolutionary youth movement” and the aforementioned esg. thiel says:
“if we were to sum this up in a framework, it’s the financial gerontocracy running the country through whatever silly virtue signaling/hate factory terms like esg they have vs what I would consider a youth movement revolutionary.”
by painting buffet as “enemy number one” and pointing the finger at some of the biggest names in the financial industry, thiel is showing a prevailing perspective on leaving the political perspective at the door. cryptocurrencies inherently embrace anonymity and decentralization at the core of their approach, with key interest in the field largely due to its separation from government bystanders. Thiel closes her speech with “and we have to get out of this conference and take over the world.”
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