(Bloomberg) — Here are the key takeaways from remarks by billionaire Peter Thiel, Ark Investment Management LLC Chief Executive Officer Cathie Wood and MicroStrategy Inc. CEO Michael Saylor at the Bitcoin 2022 conference in Miami Thursday. Click here for the TOPLive blog.
- Saylor and Wood discussed the outlook for Bitcoin. The duo talked about the political and regulatory environment as well as capital markets and technology. Wood noted a “radical shift” in the way politicians have approached her about Bitcoin. Saylor said Joe Biden’s executive order signaled greater regulatory acceptance in the future.
- Saylor also said capital markets are embracing crypto more. Wood said she anticipates roughly 2.5% of institutional assets will be allocated to Bitcoin in the coming years. Wood said Ark has a 2030 Bitcoin price target of $1 million.
- Saylor and Wood touted the Lighting Network, a Layer 2 payment protocol added to Bitcoin’s blockchain that would enable speedier and cheaper transactions. Wood says she expects an explosion of developers focused on the network.
- Thiel sees Bitcoin as the inflation-proof reserve currency of the future, with Ethereum the fast-moving payments system of tomorrow. He says Bitcoin warned central bankers about rising inflation and that ignoring that warning will have serious consequences.
- Thiel listed the “enemies“ he feels are holding Bitcoin’s value back: Warren Buffett, Jamie Dimon, and Larry Fink. He refers to them as a “gerontocracy” holding back a youth movement.
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