Thomas Peterffy, founder and chairman of Interactive Brokers, believes that the US authorities may ban cryptocurrency due to concerns about cryptocurrencies being used for illegal activities. Despite this, Peterffy, a billionaire, is still a HODLer and will continue to buy more bitcoin if it drops below $12,000.
The Current Economic Situation and Bitcoin
Peterffy, in a Forbes interview, predicted that the current financial crisis and the record-setting inflation in the US would continue for the next few decades.
“I believe inflationary pressures are going to continue for years and not months.” This is not a temporary issue.
He outlined several factors that will ensure the inflation rate remains high to prove his dire prediction. These include disruptions in supply chains due to globalization “reverses”, a shortage skilled workers and increasing automation, decades worth of US deficit spending, rising rates of interest, and many other factors.
He advised investors to focus their attention on publicly traded companies as it is “a great moment to do research and accumulate stock of companies.”
The billionaire then warned against investing in cryptocurrency because there is a high chance that it will be “deadly or outlawed.”
Peterffy is still a BTC HODLer, despite the warning. Peterffy even stated that he would increase his exposure to the asset if its price falls below $12K.
Thomas Peterffy, Source: Westfair
His Past Thoughts
The Hungarian-born businessman confessed that he had given some of his wealth to digital assets nearly a year ago. He did not disclose which coins he used, but he described a scenario in which crypto could become a global dominant currency.
“Even though I have invested a bit of my own money in crypto, even though I believe that it isn’t going to be viable market, I still think there’s a small possibility that this will become a dominant currency. So you have to take the chance.”
It’s also worth noting, that Interactive Brokers allowed cryptocurrency trading services for its customers last summer. Peterffy explained that this was due to the growing interest in digital assets.
He assured investors that the services would offer them maximum protection. Interactive Brokers serves more than 1.6 million clients in individual and institutional brokerages, and manages over $370 billion of customer equity.
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