Eric Weinstein calls Bitcoin potential hedge against fiat catastrophe
April 26, 2021. Summarized by summa-bot.
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“Don’t let short term losses in Bitcoin sour you on Bitcoin, crypto or distributed computing,” Weinstein said. “Don’t let Bitcoin zealots chase you away either.”
Eric Weinstein, managing director of Thiel Capital and host of the popular podcast The Portal, urged his followers over the weekend not to get caught up in Bitcoin’s (BTC) daily fluctuations.
Bitcoin and other “hard-money” assets like gold and silver could be sound alternatives to the “disguised actions” of central banks, Weinstein tweeted to his nearly 485,000 followers.
“Figuring out how we hedge against central bankers printing and devaluing fiat currency remains our upcoming rendezvous with the market,” he said, adding:
Bitcoin’s role as a deflationary hedge is disputed within mainstream investment circles, although there appears to be an acknowledgment that the digital asset is encroaching on gold’s market share.
Weinstein previously described himself as “not a Bitcoiner,” adding that he has “contributed nothing to the vision of distributed computing. ” However, he’s urged Bitcoiners to stop measuring their wealth in dollar terms and to instead focus on a higher goal.