PayPal Co-Founder Says Bitcoin Price Points To Crisis In The Economy

PayPal co-founder Peter Thiel has said that the bitcoin price points to an ongoing crisis in the economy. Thiel expressed that the price of bitcoin hitting $60,000 is an indicator of this crisis. Mainly, Thiel says, this has been due to the staggering inflation rates that the country has been experiencing following the pandemic. The Fed had been accused of printing money recklessly during this time without measures in place to affect the inflation it triggered and as such, has pushed investors to more unconventional investment options to hedge for this inflation. Related Reading | Goldman Sachs Analysts Shoot For Ethereum At $8,000 With Expected 80% Rally This lines up with general sentiment towards the financial markets. Goldman Sachs analysts also pointed to growing inflation as a reason behind the growth of cryptocurrencies, revealing that they expected the price of Ethereum to surge a further 80% if the inflation line continues on its current course. Calling Out The Fed Thiel was present at the second National Conservatism Conference where he expressed displeasure at the way the Fed has been approaching rising inflation in the country. He pointed out that the Federal Reserve is not paying attention to the seriousness of inflation rates in the country and as such, has not taken any steps to address this issue. BTC price settles above $63K | source: BTCUSD on TradingView.com The billionaire further criticized the a...