Premium: Peter Thiel goes to war for bitcoin, attacks Buffett, Dimon, Fink, et al

OK, I needing to look up the meaning of gerontocracy to 'get' tech multi-billionaire Peter Thiel's explosive speech to the world's premier Bitcoin conference (click here or below to watch). Last night's keynote starts with Thiel's younger self addressing the same conference in 1999. The controversial stuff comes near the end..Wikipaedia defines gerontocracy as 'a form of oligarchical rule in which an entity is ruled by leaders who are significantly older than most of the adult population.' It's not a compliment. And for Thiel, an inability of the old timers of the financial world to move with the times is delaying the adoption of digital money..___STEADY_PAYWALL___.As you'll witness in the video, Thiel (54) lays into Warren Buffett (91), Jamie Dimon (66) and Larry Fink (69), positioning them as the driving forces against Bitcoin. After the speech his colleague Eric Weinstein, MD of Thiel Capital, tweeted: "It is time the revolutionary youth should understand their enemies and return fire.".Thiel, long-time friend and former PayPal colleague of high profile US-based South Africans Elon Musk and Roelof Botha, has declared war on the Old Men of Finance. Grab the popcorn – and if you like his argument, maybe some crypto……..More for you to read today:.When Russia Loses the U.N. WSJ Editorial Board says evidence of Putin's war atrocities is stiffening support for Ukraine. Last night UN voted 94-24 to suspend Russia from Human Rights Council. SA was among 58 abstentions.Elon Musk Delivers First Teslas Made In Texas, Teases Future Products. Electric-vehicle maker to start producing Cybertruck, new Roadster, semitrailer next year.Buffett Doubles Down on Tech Hardware With HP. Matching Berkshire Hathaway's success with Apple is a tall order says the WSJStocks Finish Higher, Bonds Extend Fed-Driven Selloff. S&P 500 recovers early losses; Nasdaq, Dow industrials also rally.Tech guru, multi-billionaire Peter Thiel claims 'finance gerontocracy' is holding back bitcoin.PayPal founder attacks Warren Buffett as a sociopathic grandpa from Omaha while touting crypto's 'revolutionary youth movement' at Bitcoin conference .By Richard Waters in San Francisco for The Financial Times.Peter Thiel, the libertarian tech investor, challenged some of the most powerful US financial figures on Thursday over their criticism of bitcoin, accusing them of trying to suppress what has become a powerful political movement..Thiel, who made his name as an outspoken contrarian and early investor in Facebook, dismissed revered investor Warren Buffett as a "sociopathic grandpa from Omaha". He also cast Jamie Dimon, chief executive of JPMorgan Chase, and Larry Fink, head of BlackRock, as part of a "finance gerontocracy" that was looking to lock cryptocurrencies out of the mainstream..His outburst came in front of a cheering crowd at the Bitcoin 2022 conference in Miami, where he described the cryptocurrency as part of a "revolutionary youth movement" that was out to overturn traditional finance, threatening the power and wealth of the establishment..Thiel, one of the founders of PayPal (see above with co-founder Elon Musk), has long argued that digital currencies could supplant the current financial system. PayPal gave up on its own digital currency ambitions early in its existence to fit into the existing payments world. While it is now worth $130bn, Thiel described the online payments company as a disappointment compared with what it could have become..By contrast, he claimed bitcoin, worth $830bn, had the potential to rival all the world's gold, worth $13tn. With inflation rising and confidence in paper currencies declining, he also claimed that the value of bitcoin could match that of all public equities, which are currently worth $115tn, just as gold had matched equities at the end of the 1970s..In an incendiary attack, he claimed that financial leaders had deliberately sought to suppress bitcoin to protect their own power. "It's a movement, and it's a political question whether this movement is going to succeed, or whether the enemies of the movement are going to succeed in stopping us," he said. Buffett, he added, was "enemy number one"..Thiel became the tech world's most famous rightwing figure in 2016 when he backed Donald Trump's presidential run and spoke at the Republican convention that year..On Thursday, he lashed out at the fashion for environmental, social and governance investing, depicting it as a core part of the system the financial establishment uses to squash anything that threatens its power..ESG has become a "hate factory for naming enemies", he claimed, comparing the focus on social and governance issues to the way the Chinese Communist party operates. He also dismissed environmental investing as "sort of fake"..In a sideswipe at companies that responded to pressure from politicians or employees over political issues, he added: "Woke companies are quasi-controlled by the government in a way that bitcoin never will be.".NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via BizNews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our help desk can assist – support@biznews.com..If you'd like to help sustain our independent voice, why not share the love by making a gift that keeps giving? Click here to access the BizNews Premium subscription signup form, and be sure tick the relevant box. At R100 a month and inclusive of full membership of The Wall Street Journal, it's a mind-expanding gift at an incredibly modest price.

Premium: Peter Thiel goes to war for bitcoin, attacks Buffett, Dimon, Fink, et al

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