Eric Weinstein, managing director of Thiel Capital and host of the popular podcast The Portal, he specified now Bitcoin as a potential security against a catastrophe that may occur on the fiat currency market.
Eric Weinstein: Buy BTC as collateral
Eric Weinstein, managing director of Thiel Capital and a well-known podcaster, noted on Twitter that it was not worth worrying about the daily fluctuations in Bitcoin’s exchange rate. In his opinion, it is wiser to only focus on the cryptocurrency’s ability to protect savings against the depreciation of fiat currencies that are under the control of central banks.
Bitcoin and others “Hard” assets such as gold and silver could, in his opinion, be a sensible alternative to Fiat and “hidden activities “ central banks.
This is not an investment advice. But it is my conviction that central bankers, through their covert actions, pose a threat to everyone who has cash and its close equivalents. So take a look at BTC, XAU, CHF, XAG etc.
Then he continued:
I have no time frame to present you with the central bank’s activities. I just see a group of people get into trouble and use the same tool. Over and over. And there will always be such troubles until we face and tackle the underlying crisis of growth and innovation.
He referred to the methods of easing monetary policy. The latter has been implemented for many years.
We will need to go short the talent, ethics and skill of macro economists, central bankers, investment bankers and financiers.
Gold isn’t perfect. Neither is BTC.
But we must beware the printing press and calls for relief, easing and stimulus are cries for transfer & dilution.
– Eric Weinstein (@EricRWeinstein) April 25, 2021
Bitcoin is a shield for your savings?
Bitcoin’s role as a deflationary hedge has been questioned in mainstream investment circles, although it seems more and more people actually believe that cryptocurrency is the new gold. The value of Bitcoin has increased not only in dollars, but also in bullion. The price of BTC relative to gold increased almost sevenfold between October 2020 and March 2021.
Weinstein previously described himself as “Non-Bitcoiner”adding that “Contributed nothing to the vision of distributed computing.” However, he called on supporters of blockchain currencies to stop measuring their wealth in dollars and instead focus on a higher goal of investing in e.g. BTC.