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April 11, 2022 04:43 pm

Peter Thiel Launches Tirade Against 'Gerontocracy' Over Bitcoin

Peter Thiel, the co-founder of PayPal, has accused a "finance gerontocracy" including Warren Buffett and Jamie Dimon of hindering bitcoin's progress. From a report: The outspoken libertarian tech investor described multibillionaire Buffett, the world's richest investor, as the "sociopathic grandpa from Omaha" in a keynote address at the Bitcoin 2022 conference in Miami on Thursday. Thiel's address began with an analysis of the investment merits of cryptocurrencies but soon escalated into a tirade against the financial establishment, including "bankrupt" central banks and the "hate factory" of ESG -- which stands for environmental, social and corporate governance and is a cornerstone of responsible investing principles. "It's a movement, and it's a political question, whether this movement is going to succeed, or whether the enemies of a movement are going to succeed in stopping us," he said, shortly before naming Buffett as "enemy number one." In a speech that also cited JP Morgan's chief executive Dimon and Larry Fink, the chair of investment group BlackRock, he said institutions run by a "finance gerontocracy" were hindering the cryptocurrency. Thiel said choosing not to invest in bitcoin was a "deeply political choice" and the financial establishment should be told "you have to get onboard on this." Thiel added that the $830bn bitcoin market could rival the global equities market, worth more than $100tn.

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