Eric Weinstein rates Bitcoin as a potential hedge against fiat disasters

Eric Weinstein, Managing Director of Thiel Capital and moderator of the popular podcast, The portal, urged his followers over the weekend Not to get involved in the daily fluctuations of Bitcoin (BTC). He seemed more cautious about focusing on the cryptocurrency’s ability to protect itself from currency devaluation by central banks.

Bitcoin and other “solid” assets like gold and silver could be great alternatives to the “covert actions” of central banks. Weinstein tweeted to his nearly 485,000 followers. “It remains our next encounter with the market to find out how to protect ourselves from central banker pressure and devaluation of fiat currencies.” He saidand added:

“This is not investment advice. However, it is believed that through their covert actions, central bankers pose a threat to anyone in possession of cash and its close equivalents. Look for BTC, XAU, CHF, XAG, etc.”

He continued:

I don’t have a timeframe to give you any information on central bank stocks. I only see a group of people getting into trouble looking for the same tool. And again. And there will always be such problems until we face and address the underlying growth and innovation crisis. “

Eric Weinstein rates Bitcoin as a potential hedge against fiat disasters
Eric Weinstein rates Bitcoin as a potential hedge against fiat disasters

When Weinstein tweeted the news Bitcoin was trading at $ 48,662.20. In the end would get about $ 47,000 in front rose sharply on Monday to a price of $ 54,200.

Bitcoin’s role as a deflationary hedge is controversial in traditional investment circles, although there seems to be one recognition that the digital asset intervenes in the gold market share. Bitcoin’s value has increased not only in US dollars, but also when it is traded in gold bars. As Cointelegraph reported last month, The price of BTC versus gold rose nearly seven times between October 2020 and March 2021.

Weinstein se described earlier himself than “no bitcoiner”, and added “It didn’t add anything to the vision of distributed computing.” However, has asked Bitcoiners to stop measuring their wealth in dollars and focus on a higher goal. His views on the crumbling nature of the Fiat lend credibility to that view.

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