Here’s Why Bitcoin Has Failed To Reach $100,000 — According

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  • PayPal’s founder has blamed Warren Buffett for Bitcoin failing to hit $100,000.
  • He took swipes at Buffett and other individuals that are enemies of the crypto asset.
  • Bitcoin was widely anticipated to reach $100,000 last year but things fell apart as the asset currently struggles in the throes of $40K.

PayPal’s founder, Peter Thiel unraveled a list of Bitcoin enemies responsible for the asset’s failure to make it past $100,000. Warren Buffett, Larry Fink, and Jamie Dimon are among individuals stifling Bitcoin’s growth.

Bitcoin’s Growing List of Enemies

Peter Thiel launched a tirade against Bitcoin’s critics at the Bitcoin Conference in Miami, blaming them for the slow trajectory of the asset. In his keynote address, he calls out Warren Buffett, Larry Fink, and Jamie Dimon for their stances against the largest cryptocurrency.

He called Warren Buffett “Enemy Number 1” with the words “Rat Poison” boldly written on the display screen. He went on to refer to Buffett as the “sociopathic grandpa from Omaha” as the crowd erupted in boos. Thiel argued that the previous comments from Warren Buffett had hurt the growth of Bitcoin by causing apprehension in the hearts of potential investors.

“I don’t own any and I never will,” said Warren Buffett in an interview answering a question about his thought on the asset. Buffett was previously quoted to have said that bitcoin had no intrinsic value and is not a durable means of exchange while his long-term partner Charlie Munger referred to cryptocurrencies as a “venereal disease”.

Thiel also took swipes at JPMorgan’s CEO Jamie Dimon by referring to him as having a “New York City banker bias” while BlackRock chairman Larry Fink was also mentioned in the list for harboring anti-Bitcoin sentiments. However, a recent shareholder’s letter indicates that Larry Fink predicted a rise in Bitcoin and crypto usage in the wake of Russia’s invasion of Ukraine.

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Regulators Also Share In The Blame 

During his speech, Peter Thiel stated that Bitcoin’s enemies are part of a “finance gerontocracy” against the growth of Bitcoin. He argues that the group of critics that he reeled out formed the core reason why the asset has failed to hit the $100,000 mark.

“Why has Bitcoin not yet gone up to $100,000 to a million dollars? Why has it not converged with gold or even with the equity markets more broadly?” asked Thiel to the passionate crowd. He whipped up the sentiments of being more political than economic, pondering on whether or not “enemies of the movement are going to succeed” in stopping the march to $100,000.

He concluded his speech by dragging regulators like the Fed and SEC Chair Gary Gensler, saying that since “they have chosen to ignore it, they will have to pay the consequences for that in the years ahead.”

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