Recently, Eric Weinstein, the managing director of Thiel Capital, “an investment firm founded by Peter Thiel that provides strategic and operational support for Thiel’s investment initiatives and entrepreneurial endeavors”, advised investors to ignore Bitcoin’s short-term price fluctuations.
On April 26, he wrote via a series of tweets:
“Don’t let short term losses in Bitcoin sour you on Bitcoin, crypto or distributed computing. Don’t let Bitcoin zealots chase you away either. Figuring out how we hedge against central bankers printing and devaluing fiat currency remains our upcoming rendezvous with the market.“
He then went on to say:
“We will need to go short the talent, ethics and skill of macro economists, central bankers, investment bankers and financiers. Gold isn’t perfect. Neither is BTC. But we must beware the printing press and calls for relief, easing and stimulus are cries for transfer & dilution.
“This is not investment advice. But it is a belief that central bankers through their disguised actions are a threat to all those who hold cash and its close equivalents. Look into BTC, XAU, CHF, XAG, etc etc etc and make up your own mind. There are risks to all. Good luck.
“P.S. I have no time frame to give you on central banking actions. I just see a group of people who get into trouble and reach for the same tool. Over and over. And there will always be such trouble until we confront and address the underlying crisis in growth and innovation.“
On January 3, Weinstein said that he is not a Bitcoiner:
I have contributed nothing to the vision of distributed computing. I don’t talk much about the essay even.
I’m not a Bitcoiner. Keep me apart from that discussion and I will always support you all.
People confuse the new as-if physics for money. So I stayed out to do my vision.
— Eric Weinstein (@EricRWeinstein) January 3, 2021
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