paypal co-founder and billionaire venture capitalist peter thiel launched a scathing attack on bitcoin’s enemies at the bitcoin 2022 conference. he used his keynote address at bitcoin miami to challenge some of the most powerful american financial institutions . Thiel began the speech by throwing dollar bills into the audience and was ready to take on the enemies of cryptocurrencies.
Starting his speech by reflecting on some of his thoughts in 1999, thiel cleverly raised the idea that large institutions would have to relinquish some of the power they wielded more than 20 years ago.
the speech is full of bold statements in which thiel believes that the true competitor of bitcoin is not gold or stocks in general, but the stock market as a whole. However, as shark tank investor Kevin O’Leary pointed out in the panel discussion after this controversial keynote, at this time there is not a single pension plan or sovereign wealth fund that is allowed to buy bitcoin as an asset. , so it’s hard to do. A comparison to the S&P 500.
shortly after this statement thiel changes the subject and asks the audience to consider why bitcoin has not yet converged with gold or the stock markets, asking the audience to consider it as a political question .
peter thiel making a clear statement in miami: the financial gerontocracy has declared war on bitcoin as a revolutionary youth movement for good reason. therefore, it is time for the revolutionary youth to understand their enemies & return the fire [paraphrased] #bitcoinmiami #bitcoin pic.twitter.com/uwhdy9jyru
— eric weinstein (@ericrweinstein) April 7, 2022
thiel launches an attack against the ancient and powerful establishment and the leaders of the world’s financial institutions. instead focusing on the merits of bitcoin and the intricate blockchain technology that offers superior transparency for future generations. however, thiel was in a combative mood and blamed the lack of widespread adoption on the failure and ignorance of the world’s financial institutions.
the list of bitcoin enemies
thiel goes on to expose what he called an enemy list, a list of people who are holding bitcoin. On the list are critics of long-term adoption, including Warren Buffet, JPMorgan CEO Jamie Dimon, and BlackRock CEO Larry Fink. next to each of the enemies were large images and their comments about bitcoin.
with buffet on the screen with the words “rat poison” in giant letters, thiel points to the fact that money managers often want to pretend that investing is complicated and that all a person needs to do is buy bitcoins, then I would. put a lot of people out of business. Thiel referred to Buffett as “enemy number one” and “Omaha’s sociopathic grandfather” as the crowd booed him.
When it comes to Jamie Dimon, JP Morgan CEO, Thiel referred to him as having a “New York City banker bias.”
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thiel argued that when traditional investors choose not to allocate bitcoin, “it’s a deeply political choice.” encouraging the audience to reject this type of investors.
thiel also details how federal reserve chairman jerome powell chose to ignore bitcoin and will suffer the consequences of this ignorance for years to come. However, while Powell expressed interest in regulating cryptocurrencies, she agrees that they could make electronic payments cheaper and faster.
Furthermore, Thiel had previously called for stricter regulation as the cryptocurrency could be used as a “Chinese financial weapon”.
thiel makes another bold statement on esg vs. bitcoin to claim that big investors hide behind esg and, as opposed to this reliance on governance, one of the “great features of bitcoin…is that bitcoin doesn’t it’s a company, not having a board, we don’t know who is satoshi.”
When closing his speech about the enemies of Bitcoin, Thiel compares the finance Gerontocracy that runs the country through silly virtue signaling via ESG with what Thiel calls a revolutionary youth movement.
Watch the full speech here: