U.S Billionaire Peter Thiel has been praising Bitcoin and President Trump while criticizing Democrats during his talk at the Economic Club of New York. Thiel who is a board member of Facebook Inc. said that Bitcoin will only become stronger and will soon squeeze out the other digital currencies like Ethereum. He has actually invested a lot in Bitcoin through his firm Founders Fund which has been constantly buying Bitcoin since 2012.
In his comparison, Peter Thiel saw Bitcoin as similar to Gold and said that the quest to amass money is a bubble that never pops. The billionaire is currently estimated to be worth more than $3 billion.
The housing market has been another key area of discussion. Thiel’s hedge fund Clarium Capital went down during the housing collapse and was criticized for failing to spot the recovery fast enough. He has however singled out high priced housing as the barrier to many coastal startups.
His firms have joined other venture investors who are searching for startups to bankroll, and he believes that the next innovations will come from the less expansive areas. Despite the continuous decline, New York and Northern California startups still attract close to $70 billion from venture capitalists.
Peter Thiel who has been a strong supporter of trump has moved from Silicon Valley to Los Angeles to avoid group-think mentality which he views as bad for him. The billionaire praised Trump for having the ability to re-frame issues such as the trade with China as long as it promotes economic growth through tax cuts. He actually believes that Trump will even be re-elected in 2020 because Democrats have failed to stop the hate against the president.
Thiel already has a new project where he is creating a conservative website from L.A, where he intends to hire celebrities from Fox news.
The news by the Billionaire is great and especially for Bitcoi n which is in a tough stage at the moment after Google decided that it would ban all Bitcoin’s ads starting from June and other regulatory talks which are bringing the price of Bitcoin down.