PayPal co-founder Peter Thiel says he underinvested in Bitcoin and wishes he had taken a larger share in the world’s leading cryptocurrency. Over the last few months, Bitcoin has surged in price, which seems to have caught Thiel’s attention. At a Miami event this week, Thiel gave his detailed account of why he regrets not investing heavily in Bitcoin.
Peter Thiel Hesitated Investing
In a chatty mood, Thiel told the excited crowd how he hesitated to invest in Bitcoin. He didn’t want to invest heavily because he thought the secret was not by everybody, and crypto had nothing new to offer. The visibly regretting Thiel said people “are supposed just to buy Bitcoin.” He adds that when he reflects on the decision, he feels he underinvested in crypto.
His thoughts come amidst the increasing Bitcoin price. At the time of this writing, its price stood at $63,300. Over the last 12 months, the world’s biggest cryptocurrency has increased by nearly 400%. According to Coinbase, Bitcoin has a market share value of over $1.2 trillion. In a rejoinder, PayPal’s co-founder wasn’t sure about Bitcoin’s long-term possibilities to increase in value.
Thiel Losing Faith in Centralized Financial Institutions
According to Thiel, the rising popularity of cryptocurrencies is a sign that people are losing faith in various centralized financial institutions. He adds that at this rate, Bitcoin will only add value and hardly lose it. The interest in cryptocurrency will always increase, with more people losing interest and faith in centralized financial systems.
In his honest assessment, Thiel thinks the sharp increase in the value of Bitcoin places central banks on the verge of bankruptcy. According to Forbes, Thiel has a personal net worth of $3.9 billion.
Brighter Days Ahead
Asked about what he thinks about the feature of cryptocurrencies, Thiel said there is nothing that can stop them now. According to him, cryptocurrencies are the future of wealth ownership. With the ever-reducing trust in centralized financial systems, more people will shift towards cryptocurrencies. While he thought the secret about Bitcoin was already out and it had nothing much to offer, Thiel realized there was more.
At a separate event in Miami, the PayPal billionaire said Bitcoin’s stratospheric price is a clear indicator that the cryptocurrency industry is unstoppable.
While some think buying the Bitcoin at $60,000 is not a good idea, Thiel believes the price will go even higher. He believes that the $60,000 price of Bitcoin is a hopeful sign of better days ahead. From his view, it is always the right time to buy Bitcoin because its price will increase at some point.
Thiel believes the cryptocurrency industry is the most honest market in the country. Because it is not controlled by the elite class.
Peter Thiel isn’t the only billionaire to publicly share his thoughts on crypto. Many other prominent people have shared their belief in Bitcoin also and even bought it. Elon Musk is by far the most prominent figure in the crypto industry. This only attracts more people to the world of crypto.