In This Article:
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The Bitcoin 2022 conference in Miami heard from some of the leading voices in the investment community.
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Cathie Wood backed her view that bitcoin will go to $1 million, and Michael Saylor said Biden has given the "green light" to bitcoin.
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Peter Thiel took aim at Warren Buffett for his criticism of bitcoin.
The Bitcoin 2022 conference in Miami concludes Saturday and already has produced a number of notable developments and insights from leading voices in the investment community.
Here's a roundup of some of the happenings from the conference.
Peter Thiel
The billionaire co-founder of PayPal and Palantir labeled Warren Buffett as "enemy No. 1" for bitcoin fans during his keynote speech. He said the investing legend's criticism of bitcoin has curbed wider adoption of the cryptocurrency and has weighed on its price.
Calling him a "sociopathic grandpa from Omaha," Thiel had particularly harsh words for Buffett, whose comments about bitcoin include calling it "probably rat poison squared" in 2018 and saying it "has no unique value at all, it doesn't produce anything" in 2019.
Thiel also said JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink were other members of a "finance gerontocracy" that opposes the "revolutionary youth movement" behind bitcoin. "This is what we have to fight for bitcoin to go 10x or 100x from here," said Thiel, a personal investor in bitcoin and through his Founders Fund.
Cathie Wood
The prominent tech stock investor still sees bitcoin's price hitting $1 million in the next several years. On Friday, bitcoin was at $42,760 after recovering from its 2022 low.
"As many of you may know, in our big ideas 2022 … we have a price target in 2030 for Bitcoin of more than $1 million dollars per bitcoin," said Wood, pointing the audience to the January 2022 call published on her Ark Invest website. "If you go in and you'll see how we build that case … all we expect over the next eight years is that roughly two and a half percent of institutional assets are allocated to bitcoin."
"[That's] how institutional investors work, they tiptoe in. In the 70s it was real estate," and in the 1980s and 1990s it was emerging markets, she said. "And now I think it's going to be crypto starting with bitcoin and that's very important, starting with bitcoin."
Michael Saylor
The MicroStrategy CEO and bitcoin enthusiast sounded upbeat about the overall tone he's hearing from Washington lately toward cryptocurrencies.