PayPal co-founder Peter Thiel says he underinvested in Bitcoin
- Thiel says he underinvested in BTC because he thought buying the coin was an open secret.
- With BTC setting a new ATH, Thiel believes there is still a chance to invest in the coin.
- The billionaire believes BTC’s increasing price indicates instability in the political system.
Peter Thiel, the co-founder of PayPal and Palantir, has disclosed that he feels he did not invest enough in Bitcoin (BTC/USD).
He shared his regrets while speaking during an evening event in Miami on October 20, saying he feels as if he underinvested in the flagship crypto. His comments came after BTC climbed to set a new ATH at $66,930.39 (£48,490.73).
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Reportedly, Thiel hesitated to invest in BTC because it was a secret known to everyone. However, the stratospheric rise of BTC made him wonder whether it would trend even higher.
He added that the trick to making profits after investing in BTC is holding, adding that the coin’s performance shows it is still enough of a secret.
He touted cryptos, saying they align with his political philosophy, seeing as they push for decentralization. He then bashed artificial intelligence (AI), especially the low-tech surveillance form, which is essentially communist by nature.
BTC’s performance shows instability in the political system
Speaking at a separate event hosted by conservative law group Federalist Society on Monday, Thiel opined that the rising price of BTC is a clear indicator that the political system is unstable.
While he does not advocate for anyone to purchase BTC at over $60,000.00 (£43,469.70) per token, Thiel said,
But surely the fact that it is at $60,000 is an extremely hopeful sign. It’s the canary in the coal mine. 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.
This news comes after Thiel spoke during a virtual event for the conservative Nixon Seminar in April, describing himself as a pro-crypto, pro-Bitcoin maximalist.
At the time, he also said he wondered if BTC as part of China’s financial weapon against the US dollar. He argued that BTC was more suitable as a functional reserve currency than China’s e-CNY, which he dismissed as a totalitarian measuring device.
Thiel’s support for BTC comes after other billionaires, including Tesla’s Elon Musk and Twitter’s Jack Dorsey, announced support for the leading cryptocurrency by market capitalization.
BTC plunges after hitting new ATH
While BTC has been on a bullish streak since the start of the month, it began retracing this growth immediately after peaking above $66,000.00 (£47,814.69). At the time of writing, 4:16 PM, the coin is trading at $63,165.54 (£45,759.33) after losing 5.20% over the past 24 hours.