PayPal Co-founder Peter Thiel Admits He Underinvested In Bitcoin
October 21 2021 - 9:30AM
NEWSBTC
Billionaire entrepreneur, venture capitalist, and PayPal co-founder
Peter Thiel said he should have bought more Bitcoin. During an
interview hosted by the Lincoln Network in Miami on Wednesday,
he spoke about cryptocurrencies, central banks, and Artificial
Intelligence. Miami has become a hotspot for crypto investors.
Several crypto startups recently announced new offices in the city.
The PayPal co-founder’s venture capital firm, Founders Fund,
was also an early promoter of Miami as a new tech hub. Peter Thiel
Praises Crypto During the Miami event, Thiel praised
cryptocurrencies and admitted that he may have underinvested in
Bitcoin. “You’re supposed to just buy Bitcoin,” he said, adding: “I
feel like I’ve been underinvested in it.” Thiel further pointed out
that his only hesitation about investing was that he thought “the
secret was already known by everybody.” He concluded by saying “I
think the answers are still to go long. Maybe it still is enough of
a secret.” He made these statements after Bitcoin blasted to an
all-time high of over $67,000 on Wednesday. Thiel deliberated
whether it would rise further. “Bitcoin at $66,000. Is it going to
go up? Maybe,” He also added that the surge in crypto prices,
“tells us that we are at a complete bankruptcy moment for the
central banks.” Related Reading | As Bitcoin Makes New ATH,
Netflow Hints BTC Will Explode Here In the interview, the tech
investor also criticized Artificial Intelligence as a disputant to
cryptocurrency. He likened crypto to his political philosophy of
being libertarian because it’s a “force for decentralization,”
Therefore, “AI, especially the sort of low-tech, surveillance form,
is essentially communist,” because it’s a force for centralization.
Thiel further said that he does not want to outlaw AI. Instead, he
would like the people building it to “think about how they’re
working on a technology that’s going to destroy the world.” Thiel’s
Relationship With Bitcoin The tech investor has been a Bitcoin
believer for a while now. Even in 2018, when Bitcoin’s price was
bottoming, Thiel maintained his stance. “I would be long on
bitcoin,” he stated. Related Reading | Billionaire Peter
Thiel: Bitcoin’s Potential is Underestimated Earlier this week, he
also talked about Bitcoin at an event hosted by conservative law
group Federalist Society. The PayPal co-founder suggested that
Bitcoin’s current bull run points to weaknesses in the U.S.
political system. “I don’t know that you should put all your money
into Bitcoin at $60,000 a Bitcoin right now,” he said. “But surely
the fact that it is at $60,000 is an extremely hopeful sign,” he
continued. Describing Bitcoin as “the canary in the coal mine,”
Thiel said, “It’s the most honest market we have in the country,
and it’s telling us that this decrepit … regime is just about to
blow up.” BTC trading at over $65K | Source: BTCUSD on
TradingView.com In April, while suggesting that Bitcoin may be
‘Chinese financial weapon against the U.S.’, Thiel described
himself as a “pro-crypto, pro-Bitcoin maximalist,” Thiel explained
that “From China’s point of view, they want to get — they don’t
like the U.S. having this reserve currency, because it gives us a
lot of leverage over Iranian oil supply chains and all sorts of
things like that,” He expressed concern with the Chinese
government’s goal to weaken the U.S. dollar. However, weeks later,
China defied his predictions by launching a wide-ranging crackdown
on Bitcoin and other cryptocurrencies. Featured image by Real
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