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PayPal Co-Founder, Peter Thiel, Says he underinvested in Bitcoin

PayPal Thiel
PayPal Thiel

Peter Thiel has become the latest major expert to support cryptocurrencies and their innovative nature. The tech billionaire, who doubles up as a political donor, has praised cryptocurrencies and especially Bitcoin.

Addressing a crowd in Miami, Thiel stated that, “You’re supposed to just buy Bitcoin. I feel like I’ve underinvested in it.”

Thought it was too late to Invest

Thiel stated that his hesitance towards investing in Bitcoin was influenced by thinking it was too late. “The secret was already known by everybody.” However, he stated that he still believes that Bitcoin investors should HODL for the long term, noting that more people could be drawn towards this cryptocurrency.

Thiel further stated that the boom of cryptocurrencies was a major blow to the traditional financial institution. He noted that Bitcoin’s gains to $66,000 and beyond, showing that central banks are facing a major bankruptcy moment.

Thiel also addressed the issue of artificial intelligence and how it related to decentralization. He stated that, by extension, crypto was a “force of decentralization for AI.” “AI, especially the sort of low-tech, surveillance form, is essentially communist,” he stated.

Thiel noted that low-tech artificial intelligence, which was mainly built for surveillance, was, in essence, communist. However, he noted that he was not dismissing AI in its entirety, but he would like the people who were developing it to think of how they are working on a technology that will destroy the world.

Thiel’s Role in Miami being a Major Crypto Hub

The event where Thiel spoke was organized at the Perez Art Museum Miami, a city that has become a major fintech hub. Miami’s mayor has attracted a wide range of tech founders to the city, making Miami emerge as a hub for fintechs, venture capital and finance.

Some of the crypto startups that have recently announced establishing a base in Miami include eToro and blockchain.com. Venture capital and investment firms such as Goldman Sachs Group Inc and Blackstone Group Inc have already established offices in Miami.

Thiel has played a role in making Miami the fintech hub that it is today. The PayPal founder also has a venture capital fund known as Founders Fund, which is also located in Miami. The venture capital firm has signed a multi-year lease in the city. Thiel also owns two mansions in the city valued at around $18 million.

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