Home News PayPal co-founder Peter Thiel says he ‘underinvested’ in Bitcoin

PayPal co-founder Peter Thiel says he ‘underinvested’ in Bitcoin


PayPal co-founder and billionaire venture investor Peter Thiel claimed he should have bought more Bitcoin after Bitcoin (BTC) reached a new all-time high above $67,000.

During an interview in Miami held by policy think tank Lincoln Network on Oct. 20, Thiel discussed cryptocurrencies, central banks, and artificial intelligence (AI), according to Bloomberg.

Thiel stated, “You’re meant to just purchase Bitcoin”, and added, “I believe I’ve been underinvested in it”.

The only issue the IT investor had about purchasing Bitcoin was that the investment’s “secret” had already been available to everyone. “I believe the responses will continue to be lengthy”. He continued, “Perhaps it’s still enough of a secret.”

The recent Bitcoin rise, according to Thiel, is a major source of anxiety for central banks throughout the world. Thiel remarked that the cryptocurrency’s rise to new record highs “certainly tells us that we are at a full insolvency moment for central banks”.

A hedge against the entire planet collapsing

Thiel also slammed AI as a foe to crypto’s decentralisation drive in the interview. “AI, particularly in its low-tech, monitoring version, is fundamentally communist,” he claimed. He added that AI is a technology that would “devastate the globe”.

Thiel is one of the most outspoken supporters of Bitcoin, arguing that it became a viable currency in 2014. The venture investor has also been familiar with saying that Bitcoin is “a hedge against the entire planet collapsing”. Earlier this year, a venture capitalist suggested that China’s central government may be backing Bitcoin as a method of undermining US foreign and monetary policies.

PayPal, which Thiel co-founded in 1998, has been experimenting with cryptocurrency in recent months. Last October, the firm revealed its ambitions to allow users to purchase and sell cryptocurrencies such as Bitcoin. Since then, PayPal has launched cryptocurrency services in the United States and the United Kingdom.

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