Bitcoin may be worthless, but billionaire Thomas Peterffy will buy more on the way down

Thomas Peterffy – founder and chairman of Interactive Brokers – believes US authorities may ban cryptocurrencies due to concerns that they are facilitating illegal activities. Nevertheless, the billionaire remains a HODLer, promising to buy more bitcoin if the price drops to $ 12,000.

The current economic situation and Bitcoin

In a recent interview with Forbes, Peterffy envisioned that the ongoing financial crisis, specifically record inflation in the United States, will continue in the coming years:

“I think inflationary pressures will continue for years, not months. This is not a short-term problem.”

To prove his dismal forecast, he pointed to several factors that will keep inflation at peak levels: supply chain disruptions as globalization “reverses”, a shortage of skilled workers and rising automation, decades of chronic US deficit spending, rising interest rates. , and more.

In the midst of this turbulence, he advised investors to focus on perspective, listed companies, as this is “a great time to research and gather shares in companies.”

By moving on to investing in cryptocurrencies, the billionaire warned that this may not be a good idea since there is a “great chance” that bitcoin will “become worthless or banned.” In his view, criminals use digital assets to a large extent in their illegal operations, which could lead the US government to ban the asset class.

Despite the warning, Peterffy remains a BTC HODLer. He even said he would increase the exposure if the asset’s price drops to $ 12K.

His previous thoughts

Almost a year ago, the Hungarian-born businessman admitted that he had allocated some of his fortune to digital assets. Without revealing which coins he chose, he outlined a scenario in which crypto becomes a globally dominant currency:

“Even though I have invested some money in crypto, because even though the chances are, I think, that this is not going to be a viable market, I think there is a small chance that this will be a dominant currency, so you must play the odds. ”

It is also worth noting that last summer, his organization – Interactive Brokers – allowed cryptocurrency trading services to its customers. Peterffy explained that the reason was the growing interest in digital asset alternatives.

He also assured that the services will offer maximum protection to investors. Interactive Brokers has over 1.6 million institutional and individual brokerage clients, and manages more than $ 370 billion in client capital.