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Thomas Peterffy, Interactive Brokers CEO, thinks that possession of Bitcoin is good, even though it should be in minimal portions. He fears more than 10% of one’s net worth allocation, saying that placing such an amount is “very dangerous”, but allocating 2% to 3% would go tar in the growth of the bitcoin from a net worth perspective.
Peterffy, in a podcast interview with Bloomberg, had mixed results for cryptocurrencies, telling the room that he still gets overly “scared” of bitcoin volatility. Still, he has investments in bitcoin but seemingly dislikes the entire product suite of cryptocurrencies, citing them as “a figment of imagination”.
His sentiments are not that new, considering since Trump was elected, he has been in support of policies that favoured regulation and ease in the Cryptocurrency environment, claiming that the value of BTC increased to $100,959, which is an increase of nearly 15% on the previous month.
To Peterffy’s displeasure, he pointed towards the ambitious targeting of Equity Stands, raising red flags about a potential margin war in which many would be left Superman-ed during the Great Depression moment if a BTC collapse happened.
Bill Miller Reacts to Thomas Peterffy’s Statement
Investing in BTC and cryptocurrencies, according to Thomas Peterffy, has become a recommendation for diversification of portfolios — other investment gurus feel more or less the same. As early as October, Bill Miller, a well-known investor, predicted that financial advisors would soon start recommending a 1% to 3% BTC allocation within the next three to five years.
In this context, it is interesting that Miller also pointed to something unique about the demand for BTC security, which always remains equal while its supply changes as the market price does. People who have faith in the potential of Bitcoin believe that the demand will always exceed the supply.
As economies and stocks throughout the world tumble, BTC may prove strong. Unlike the traditional financial system, which over the last century has needed only a few hundred bailouts, BTC has never had to be bailed out.
Donald Trump Wants Bitcoin at $150,000
Donald Trump, the incoming U.S. President, reportedly has bold plans for Bitcoin, aiming for its price to hit $150,000 early in his term. An insider from his transition team told Axios that Trump sees Bitcoin as a “stock market alternative” and plans to highlight its value in his economic agenda.
Trump’s interest in Bitcoin isn’t new. During his campaign, he often pointed to the cryptocurrency’s success, claiming it performed better under his leadership compared to Joe Biden’s tenure.
At a Bitcoin conference in Nashville this past July, Trump made his stance clear. “Bitcoin is going to the moon,” he said, pledging to make the U.S. a global leader in the cryptocurrency space.
Is Strategic BTC Reserve a Big Deal?
Creating a BTC reserve for the United States government is one of Trump’s most audacious propositions. This idea was taken from a proposal by Senator Cynthia Lummis and in a way, brings the government closer to employing Bitcoin for itself. If actualized, this will expand the market cap of Bitcoin and raise its price considerably.
Earlier this year, David Bailey, who is the CEO of Bitcoin Magazine, suggested that Trump sees potential as big as trillions and that Bitcoin’s future market cap reaches such levels. While the post was eventually removed, it led to discussions about Trump’s vision for BTC.
BTC has been able to survive a significant blow to its market price from the time Trump was elected in November of 2016 until now, surviving from $68,000 and now sitting at over $103,000. This price spike was certainly celebrated throughout the crypto community, with Trump even going as far as to praise himself for the crossing of the $100,000 milestone. While many of these attributes contributed to the rise in price, the market confidence that surrounded Trump’s endorsement of cryptocurrency was undeniably a huge positive.
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