Bitcoin (BTC) has evolved into the perfect asset class for governments, banks and corporations across the world; it has the same source of value as the U.S. dollar and Banksy's artwork, Marathon CEO Fred Thiel says.
BTC is valuable because people think it is valuable, CEO Thiel says
Bitcoin (BTC) as an asset class is a perfect asset, which can be treated as "hard money," in Thiel's view. In coming years, countries, corporations and financial institutions will all be holding orange coins, CEO of Thiel Advisors and Marathon Digital Holdings Fred Thiel says.
Marathon CEO Fred Thiel: “#Bitcoin as an asset class is the perfect asset… And as soon the banks in the U.S. are able to custody and collateralize Bitcoin, the price of Bitcoin will explode.”pic.twitter.com/ZPQJpsG4Iu
— TFTC (@TFTC21) September 10, 2024
In a video shared by the TFTC media company, Thiel compares Bitcoin (BTC) to the U.S. dollar and Banksy's artwork. According to him, all three assets are only valuable because people think they have value.
Besides that, Thiel stressed that he is a champion of the "hard money" narrative, as there will never be more than 21 million Bitcoin (BTC) in existence.
Also, this status and interest from retail users will work as a bullish catalyst for the Bitcoin (BTC) price in the long run, CEO Thiel foresees:
When people want to acquire something, it as to go up in price.
It should be noted that Marathon Digital is among the largest corporate Bitcoin (BTC) holders ever. In July 2024, it invested another $100 million stake in BTC's purchasing strategy.
Shoud U.S. make Bitcoin (BTC) reserve asset?
This move pushed the total Marathon BTC holding to 20,000 coins, or almost 0.1% of all Bitcoins (BTC) that can ever exist.
The discussion about the possibility for U.S. to purchase Bitcoin (BTC) as reserve asset gains traction this year after the launch of spot Bitcoin ETFs.
According to some opinions, this measure, once implemented, will destroy the benefits of Bitcoin (BTC) as a decentralized currency.
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As covered by U.Today, Jim Bianco stressed that governments will be able to manipulate the price of Bitcoin (BTC) once it acquires a large stake.
