This Billionaire Says Inflation Will Last ‘For Years’ And Bitcoin May Become ‘Worthless’
— Market, Result, Inflation, Thomas, Bitcoin, Investors, Worthless, Peterffy, Billionaire, Rates — 1 min read
Brokerage pioneer Thomas Peterffy spoke with Forbes about his economic outlook, and when he expects the market to bottom out. The 77-year-old founder and chairman of online trading platform Interactive Brokers. He says inflationary pressures will continue for years, not months, and investors need to get used to inflation. The U.S. reported consumer inflation of 9.1% for the year through June. That number, a four-decade high, rattled markets as stock indices sank. The S&P 500 index has already slumped more than 20% from its record high of about 3,800. Peterfy still holds some digital assets and says he’ll buy more if Bitcoin hits $12,000 (Bitcoin currently trades around $20,000 Source