The outspoken libertarian tech investor described multibillionaire Buffett, the world’s richest investor, as the “sociopathic grandpa from Omaha” in a keynote address at the Bitcoin 2022 conference in Miami on Thursday. Thiel’s address began with an analysis of the investment merits of cryptocurrencies but soon escalated into a tirade against the financial establishment, including “bankrupt” central banks and the “hate factory” of ESG — which stands for environmental, social and corporate governance and is a cornerstone of responsible investing principles.
“It’s a movement, and it’s a political question, whether this movement is going to succeed, or whether the enemies of a movement are going to succeed in stopping us,” he said, shortly before naming Buffett as “enemy number one.” In a speech that also cited JP Morgan’s chief executive Dimon and Larry Fink, the chair of investment group BlackRock, he said institutions run by a “finance gerontocracy” were hindering the cryptocurrency. Thiel said choosing not to invest in bitcoin was a “deeply political choice” and the financial establishment should be told “you have to get onboard on this.” Thiel added that the $830bn bitcoin market could rival the global equities market, worth more than $100tn.
