Wealthy Traditionalists: Why Are They Howling About Bitcoin?

What do gold bug Peter Schiff, banking executive Jamie Dimon, and epic investor Warren Buffett all have in common? As Bitcoin continues its meteoric rise, they all seem to be howling like wolves these days, agitated by new world order of digital currency that threatens to topple the prevailing winds of traditional money. Their goal; to squash crypto’s growing presence and threat by marginalizing and trashing it.

The latest to join this chorus of detractors is Thomas Peterffy, founder and chairman of futures commission merchant and broker-dealer Interactive Brokers LLC. Reputed to be the richest person in Florida, he claims that Bitcoin will destabilize the global economy.

Highlighting his concern, Peterffy in an unprecedented move took out a massive full-page Wall Street Journal advertisement on Bitcoin to state his case. In an open letter, Peterffy asserts that Bitcoin is a very serious threat to prevailing economic dynamics particularly because the US economy is at a critical tipping point. His views as well as those of his cohorts appear to underscore a disdain by the wealthy relative to Bitcoin’s influence, given their lack of control over its direction…

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