December 5, 2021

Peter Thiel Claims Inflation is Responsible For Increasing Price of Bitcoin 

Peter Thiel, the co-founder of PayPal, said recently that he is aware of what’s causing the rise in the price of Bitcoin within the last few weeks. The co-founder of PayPal is a well-known avid supporter of Bitcoin, and he exhibited signs of FOMO when he said he wasn’t invested enough in BTC. Thiel said this following the rise in the price of Bitcoin to a new all-time high in October when he expressed the desire to invest more in Bitcoin.

Inflation Responsible for Increasing Price of Bitcoin 

The billionaire entrepreneur made an appearance recently at the second National Conservatism Conference. During the conference, he expressed his opinion that the rise in the price of cryptocurrency is proof of rising inflation and he blames the Federal Reserve for not acknowledging the effect of inflation on the economy while trying to bring it under control. 

He believes that inflation is currently causing serious damage to the economy of the United States and the US government is yet to acknowledge the inflation problem. Rather than admit the deleterious effect of inflation on the economy currently, several government agencies are giving assurances to the public. Thiel believes that the rise in the price of Bitcoin and other cryptocurrencies is due to this rising inflation in the United States.

The co-founder of PayPal believes that protective measures could have been taken by the Federal Reserve to protect the consumers. This is a better strategy in his opinion rather than downplaying the effect of inflation. He considers the inflation to be expected considering the impact of Coronavirus which resulted in many governments printing more money to provide stimulus packages.

Price of Bitcoin Continues To Stabilize Above $60K

The price of Bitcoin has been rising and even reached an all-time high in the second week of October. There was a flash crash in the price of Bitcoin last week which resulted in the price dipping below $58,000. However, the price of Bitcoin has continued to stabilize above $60,000 which implies that the top crypto retains its massive gain of nearly $20,000 rise in October. 

October was a great time for the Bitcoin market as the crypto was trading at around $45,000 at the beginning of the month and it surged to a new all-time high of $66,973 in the month.  BTC is currently trading above $60,000 at the time of writing after having a surge in the price of about 1% over the last 24 hours.

The last quarter of the year has usually been a bullish time for Bitcoin historically and now the top crypto is entering November with a price of over $60,000.Many crypto pundits are predicting that the price of Bitcoin can reach $100,000 before the end of the year especially considering the current bullish market for Bitcoin.