Cathie Wood, Peter Thiel, Laser Eyes Bull

Cathie Wood, Peter Thiel, Laser Eyes Bull

  • The Bitcoin 2022 conference in Miami heard from some of the leading voices in the investment community.
  • Cathie Wood backed her view that bitcoin will go to $1 million, and Michael Saylor said Biden has given the « green light » to bitcoin.
  • Peter Thiel took aim at Warren Buffett for his criticism of bitcoin.

The Bitcoin 2022 conference in Miami concludes Saturday and already has produced a number of notable developments and insights from leading voices in the investment community.

Here’s a roundup of some of the happenings from the conference.

peter thiel

The billionaire co-founder of PayPal and Palantir labeled Warren Buffett as « enemy No. 1 » for bitcoin fans during his keynote speech. He said the investing legend’s criticism of bitcoin has curbed wider adoption of the cryptocurrency and has weighed on its price.

Calling him a « sociopathic grandpa from Omaha, » Thiel had particularly harsh words for Buffett, whose comments about bitcoin include calling it « probably rat poison squared » in 2018 and saying it « has no unique value at all, it doesn’t produce anything  » in 2019.

Thiel also said JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink were other members of a « finance gerontocracy » that opposes the « revolutionary youth movement » behind bitcoin. « This is what we have to fight for bitcoin to go 10x or 100x from here, » said Thiel, a personal investor in bitcoin and through his Founders Fund.

Cathie Wood

The prominent tech stock investor still sees bitcoin’s price hitting $1 million in the next several years. On Friday, bitcoin was at $42,760 after recovering from its 2022 low.

« As many of you may know, in our big ideas 2022 … we have a price target in 2030 for Bitcoin of more than $1 million dollars per bitcoin, » said Wood, pointing the audience to the January 2022 call published on her Ark Invest website . « If you go in and you’ll see how we build that case … all we expect over the next eight years is that roughly two and a half percent of institutional assets are allocated to bitcoin. »

« [That’s] how institutional investors work, they tiptoe in. In the 70s it was real estate, » and in the 1980s and 1990s it was emerging markets, she said. « And now I think it’s going to be crypto starting with bitcoin and that’s very important, starting with bitcoin. »

Michael Saylor

The MicroStrategy CEO and bitcoin enthusiast sounded upbeat about the overall tone he’s hearing from Washington lately toward cryptocurrencies.

« I think a couple of weeks ago with the executive order, what we had was the president of the United States giving a green light to bitcoin, » he said as he sat next to Wood at their joint panel. Saylor was referring to President Joe Biden’s executive order in March for further work on developing a national policy on digital currencies.

« If I scan the last 100 years of history, and I asked, ‘When is the last time the president of the United States directed the government to embrace a new asset class?’ The answer is never. So I think that bitcoin should be taking a victory lap for what happened here just in the past few weeks in the United States government, » Saylor said.

‘60%’ in bitcoin holdings for Mexican billionaire

Mexico’s third-wealthiest person, Ricardo Salinas Pliego, told Bitcoin 2022 that he has big exposure to bitcoin in his liquid portfolio.

« I have 60% in bitcoin and bitcoin equities and then 40% in hard-asset stock like oil and gas and gold miners and that’s where I am, » Salinas Pliego said on a panel. Pliego, who runs Mexican TV broadcaster TV Azteca and retailer Grupo Elektra, has a net worth of roughly $13 billion, according to Forbes.

What’s not in his portfolio? « I definitely don’t have any bonds, » he said, calling them a « terrible investment. »

laser eyes bull

To kick off the Bitcoin 2022 conference, Miami Mayor Francis Suarez unveiled « Miami Bull, » a statue of a black bull with so-called « laser eyes » to symbolize the city’s backing of bitcoin and as a challenge to Wall Street’s famous Charging Bull statue .

Suarez has been vocal about Miami becoming the leading city for bitcoin investors and businesses interested in using bitcoin. The 3,000-pound statue stands 11-feet tall and required a team of more than 30 people and more than six months to complete.

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