The Bitcoin (BTC-USD) 2022 conference in Miami has not disappointed. Indeed, when it comes to drama and intrigue, investors who shelled out the money to attend this event have gotten their money’s worth. Bitcoin bears have become enemies of the state, with Bitcoin maximalists jumping on the opportunity to make their case as to why the bears may be wrong in their views.
According to PayPal (NASDAQ:PYPL) and Palantir (NYSE:PLTR) founder Peter Thiel, and many others at this conference, Bitcoin is the future. For those in the crypto space who have been touting the long-term upside of cryptocurrencies such as Bitcoin, thus far, this thesis appears to have held water.
However, a number of high-profile dissenters have made the case that cryptocurrencies like Bitcoin may be uninvestable. Those dissenters appear to continue to draw the ire of personalities such as Thiel.
In a rather interesting tirade at this conference, Thiel called out some rather big names in the investing world for their calls on Bitcoin. Specifically, Berkshire Hathaway’s (NYSE:BRK.A, NYSE:BRK.B) Warren Buffett, one of the greatest investors of all time, was called “enemy number one” for his views on Bitcoin. Thiel went so far as to call Buffett a “sociopathic grandpa from Omaha,” showing his picture alongside the words “rat poison.” Previously, Buffett and his partner Charlie Munger, had used these words to describe Bitcoin.
Additionally, JPMorgan (NYSE:JPM) CEO Jamie Dimon and Blackrock (NYSE:BLK) CEO Larry Fink were derided for their views on Bitcoin in the past. Interestingly, Dimon has made an about-face on the topic. However, the point of this presentation was clear — Thiel is seemingly making the view that Bitcoin bears are out to destroy the value of Bitcoin.
What to Make of Thiel’s Attack on Bitcoin Bears?
Personally, I think Peter Thiel is an incredible visionary and entrepreneur. The companies he has launched are as impressive as they are innovative. Credit goes where credit is due.
However, Thiel’s comments miss the mark, in my view, on a number of levels.
To start, I think having an “us versus them” mentality with any investment is dangerous. Ignoring the views of bears, short-sellers or others with a negative take on an investment one believes will do well over time only does investors a disservice. By ignoring the criticisms (and often valid criticisms) of those with opposing views, investors risk putting blinders on to what could be serious risks that should not be ignored.
Secondly, the tone of this presentation could certainly turn off potential Bitcoin investors from joining in. Thiel has made Bitcoin look like a cult. In this market, I think investors are looking for balanced, thoughtful and intelligent discussion. These comments were lacking in all departments.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
