PayPal Co-Founder Peter Thiel Says He Wishes He'd Invested More in Bitcoin

Thiel hesitated in buying Bitcoin because he thought it was a “secret already known by everybody.”

By Shomik Sen Bhattacharjee | Updated: 22 October 2021 19:06 IST

PayPal Co-Founder Peter Thiel Says He Wishes He'd Invested More in Bitcoin

Peter Thiel co-founded PayPal back in 1998

Highlights

Peter Thiel believes he underinvested in Bitcoin
The PayPal co-founder thinks current Bitcoin rally will continue
Thiel claims crypto's decentralised nature is its biggest asset

PayPal and Palantir co-founder Peter Thiel has stated that he regrets not investing enough in Bitcoin. During an event in Miami, 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, who's also a billionaire entrepreneur and a staunch believer in virtual currency, added that his only hesitation about investing in the popular crypto-asset was that he thought "the secret was already known by everybody."

As per a Bloomberg report, Thiel, a libertarian, was speaking at an interview hosted by the Lincoln Network in Miami where he was asked to talk about cryptocurrencies, central banks, and artificial intelligence. Thiel suggested that cryptocurrency was, in essence, also libertarian in concept, adding that artificial intelligence (AI) was communist.

Speaking at a time when Bitcoin (BTC) has breached its all-time high and set a new mark, Thiel said he would not be surprised if the popular cryptocurrency continues its rally soon. In contrast, the event revealed that central banks are not functioning well.

"Bitcoin at $66,000. Is it going to go up? Maybe. But it surely tells us that we are at a complete bankruptcy moment for the central banks," Thiel stated that being a "force for decentralisation" is the digital asset industry's biggest advantage. On the other hand, speaking on the development of artificial intelligence, he said, "especially the sort of low-tech, surveillance form, is essentially communist," as it has a centralised nature.

Thiel has been a long-time backer of Bitcoin. Back in 2018, when BTC values weren't at their greatest, the entrepreneur maintained that he would count on Bitcoin being an investment for the long run. The PayPal co-founder who's previously identified himself as a "pro-crypto, pro-Bitcoin maximalist," had earlier in the week spoken out about how Bitcoin's current rally points at problems with the US political system.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.