Business Maverick

Business Maverick

Thiel Blasts Dimon, Buffett and Fink as ‘Finance Gerontocracy’ at Bitcoin 2022

Peter Thiel, president and founder of Clarium Capital Management LLC, speaks during the Bitcoin 2022 conference in Miami, Florida, U.S., on Thursday, April 7, 2022. The Bitcoin 2022 four-day conference is touted by organizers as "the biggest Bitcoin event in the world."

Billionaire entrepreneur Peter Thiel called Warren Buffett, Jamie Dimon and Larry Fink members of a “finance gerontocracy” opposed to a “revolutionary youth movement” that embraces Bitcoin.

In his keynote speech at the Bitcoin 2022 conference in Miami Thursday, Thiel blamed the finance titans for the digital currency’s failure to reach $100,000, a benchmark popular among the asset’s die-hard supporters.

“What is it going to take for this to happen?” he asked, before pinning blame on Buffett, 91, whom he called a “sociopathic grandpa,” as well as Dimon, the 66-year-old chief executive officer of JPMorgan Chase & Co., and Fink, 69, who runs BlackRock Inc. All three have said they’re skeptical of Bitcoin or digital currencies in general.

A spokesman for BlackRock said the company declined to comment on Thiel’s remarks. But he pointed to Fink’s letter to shareholders last month in which the CEO said a thoughtfully designed digital-payment system “can enhance the settlement of international transactions while reducing the risk of money laundering and corruption.” Digital currencies can also help bring down costs of cross-border payments, Fink wrote.

JPMorgan declined to comment, and a representative of Buffett’s Berkshire Hathaway Inc. didn’t respond to a request for comment.

Bitcoin was little changed at $43,470 as of 8:22 p.m. in New York.

Thiel accused the trio of using investing practices focused on environmental, social and governance goals as a “hate factory” to undermine Bitcoin and other businesses.

Read more: An excerpt from ‘The Contrarian,’ a Thiel biography

Thiel, 54, also attacked central bankers including Federal Reserve Chairman Jerome Powell.

“Mr. Powell — people like that — should be extremely grateful to Bitcoin because it’s the last warning they are going to get,” Thiel said. “They’ve chosen to ignore it, and they will have to pay the consequences for that in the years ahead.”

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