Brokerage pioneer Thomas Peterffy in an interview, revealed his plan to buy bitcoins. Recently, bitcoin price drops and inflation made headlines leaving the crypto community in a whirlwind. When reflecting on the current market condition, Peterffy stated that investors should make inflation part and parcel of their lives. In a video chat with Forbes, the billionaire clarified that inflation is not a short-term issue as it might extend for years.
Peterffy, whose net worth is currently $18.4 billion, emphasizes the chances of cryptocurrencies in general and bitcoin, in particular, losing their worth soon. Despite firmly believing that the US government could at any time ban bitcoin because of its connection to illegal activities, Peterffy wishes to buy it. He wants to buy more crypto in case the price hits $12,000. According to the billionaire, the US treasury’s incompetence in tracking tax payments might serve as a reason for the market condition.
Thomas Peterffy, who has accurately predicted the rise and fall of the US stock market in recent years, recently predicted that the S&P 500 index could bottom and drop 22% to $3,000 around October.
To base his interpretations on facts, he identified some factors which will further fuel inflation. These factors include a hike in interest rates, shortage of workforce, US deficit spending, supply chain disruptions and many more. Amidst the market turbulence, he recommends that investors focus on publicly-traded companies, which are “a great time to do research and accumulate stocks.”
The brokerage pioneer has always supported crypto, which is clear from his statement nearly a year ago. He talked about allocating a part of his wealth to crypto. However, he didn’t mention any specific currency at the time. Furthermore, the businessman predicted crypto might become a dormant currency in the future; hence investment in it will prove fruitful.