PayPal co-founder Peter Thiel “underinvested” in Bitcoin

The billionaire made the comments as Bitcoin reached an all-time high of above $67,000

In an interview hosted by the Lincoln network, Paypal co-founder Peter Thiel said his hesitation in buying Bitcoin was because he thought it was a “secret already known by everybody”.

The technology billionaire perhaps feels regret over his self-admittance of “underinvesting” in Bitcoin as the cryptocurrency hit an all-time high of more than $67,000.

Thiel, a libertarian, said to the audience in Miami that “you’re just supposed to buy Bitcoin” before suggesting that cryptocurrency was, in essence, also libertarian in its original concept, and adding that Artificial Intelligence (AI) was communist.

“AI, especially the sort of low-tech, surveillance form, is essentially communist because it’s a force for centralisation,” he explained.

The PayPal co-founder is an avid advocate of virtual currency, with Paypal launching an cryptocurrency service in the United Kingdom where users can buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Who jumped the gun on Bitcoin?

There are plenty of success stories of people buying Bitcoin early and seeing their virtual wallets explode over time.

John Ratcliff, a video game developer, was gifted his first Bitcoin in 2012, and it wasn’t long before he realised the potential of cryptocurrency.

Just months later, Ratcliff invested $15,000 on 150 Bitcoin at $100. Fast forward eight years later, and Ratcliff is building a $1.4m house.

Not only is he building his dream home, but the developer is also waiting on the production of his $250,000 Tesla Roadster as well as paying off his children’s college fees and putting some bitcoin aside for charity.


Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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