Billionaire PayPal co-founder Peter Thiel has opined that near-record high Bitcoin prices indicate that inflation is not transitory, Bloomberg reports.
Yet, the tech mogul believes that Bitcoin is not necessarily a buy at the current level:
You know, $60,000 Bitcoin, I’m not sure that one should aggressively buy.
Last month, Thiel described high cryptocurrency prices as “the canary in the coal mine,” claiming that it was an ominous sign for the current regime.
Most recently, the billionaire slammed the U.S. Federal Reserve for turning a blind eye to inflation.
Fed Chairman Jerome Powell said it might take longer than expected for elevated inflation readings to come down. Yet, Powell is certain that the central bank will deploy a range of tools at its disposal in order to bring it back down to the 2% level:
No one should doubt that we will use our tools to guide inflation back down to 2%.
The highest-ever monthly close
Thiel also voiced some regrets about not buying more Bitcoin at cheaper prices.
In October, the number one cryptocurrency closed at $61,355, which marks its highest monthly candle in history.
Bitcoin is currently down 9.6% from its all-time high of $67,276.
Arman Shirinyan
Denys Serhiichuk