As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of trends and fads come and go. However, Bitcoin (BTC) seems to be carving out a unique niche for itself as a legitimate asset class. The comparison made by Marathon CEO Fred Thiel between BTC, the U.S. dollar, and Banksy’s artwork may seem unusual at first glance, but upon closer examination, it makes perfect sense. Just like these assets, Bitcoin’s value comes from the collective belief in its worth.
According to Marathon CEO Fred Thiel, Bitcoin (BTC) has transformed into a highly suitable investment category for governments, financial institutions, and corporations globally. He compares its underlying value to that of the U.S. dollar and Banksy’s artwork.
BTC is valuable because people think it is valuable, CEO Thiel says
From my perspective as an analyst, Bitcoin (BTC) is considered a superior asset by Peter Thiel, often referred to as “hard money.” In the forthcoming years, nations, businesses, and financial institutions are expected to own Bitcoin, according to Peter Thiel, CEO of Thiel Advisors and Marathon Digital Holdings.
Marathon Technology CEO Fred Thiel believes that Bitcoin, as a financial asset class, is ideal due to its unique characteristics. Furthermore, he anticipates that when American banks gain the ability to securely hold and use Bitcoin as collateral, the value of Bitcoin could significantly increase.
— TFTC (@TFTC21) September 10, 2024
According to a video posted by TFTC Media, Peter Thiel equates Bitcoin (BTC), the U.S. dollar, and Banksy’s artwork as assets whose worth stems from collective belief in their value.
In addition, Thiel emphasized his support for the idea that Bitcoin is limited to only 21 million units, making it a ‘hard money’ option, given that no more can ever be created.
Moreover, the engagement and enthusiasm from retail investors could function as a significant positive factor driving up Bitcoin (BTC) prices over time, according to CEO Thiel’s prediction.
When people want to acquire something, it as to go up in price.
It should be noted that Marathon Digital is among the largest corporate Bitcoin (BTC) holders ever. In July 2024, it invested another $100 million stake in BTC’s purchasing strategy.
Shoud U.S. make Bitcoin (BTC) reserve asset?
Making this transaction increased our possession of Marathon BTC to approximately 20,000 coins, which equates to nearly 0.1% of the total possible number of Bitcoins (BTC) in existence.
2021 has seen growing debate over whether the United States could invest in Bitcoin (BTC) as a reserve asset, following the introduction of spot Bitcoin Exchange Traded Funds (ETFs).
Some people believe that once this action is taken, it could erase Bitcoin’s (BTC) advantages as a decentralized form of money.
According to an article from U.Today, Jim Bianco pointed out that when Bitcoin (BTC) becomes significantly owned by governments, they would have the ability to influence its price.
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2024-09-11 19:49