The Chairman and founder of Interactive Brokers, Thomas Peterffy, said that he is looking to buy more bitcoins if the value of the asset drops to $12,000.
The billionaire businessman made the statement last week, during an interview with Forbes, which has rated Peterfyy to have a net worth of $18.4 billion.
Playing The Odds
According to him, he is aware that the value of Bitcoin has dropped remarkably since the asset rose to an all-time-high close to $70k. However, he maintained that holding Bitcoin is still a good idea, just in case, the cryptocurrency becomes a major currency.
Peterffy, who is known to have developed the first electronic trading platform said last July, that investors have to play the odds by investing in cryptocurrencies in case fiat goes to “hell”.
Some Challenges BTC Faces
Bitcoin is currently trading above $22k after a massive drop that saw the asset trade just above $18k. However, Peterffy, who holds some BTC said that there is a chance that the digital asset could become worthless or outlawed. However, he maintained that he would acquire more of it if the price drops to $12k.
Peterffy said that some of the obstacles to BTC is its use for illegitimate activities by criminal elements. He said that the US Treasury Department and the IRS may also be concerned that cryptocurrencies are not being effectively tracked.
US Inflationary Trend
On the 40-year high US inflationary trend, Peterffy said:
“I believe inflationary pressures will continue for years, not months. This is not a short-term issue.”
At $22,159, the price of BTC is still a long way from the $12k mark being projected by Peterffy for his new purchase. The market is still bearish and Bitcoin, just like other digital currencies are known to be very volatile. It is left to be seen if the value of BTC would drop further or if the bottom is already in.
Bottom is 18k range on chain metrics and the markets have shown this over the last few months. Doubt we see anything lower..
— ⚡️James Shuttleworth⚡️ (@ShuttleJim) July 17, 2022
In the words of James Shuttleworth of Free The Monetary system, it is unlikely that BTC would drop lower than $18k. He said that:
“Bottom is 18k range on chain metrics and the markets have shown this over the last few months. Doubt we see anything lower...”