• PayPal co-founder Peter Thiel has admitted that he ‘underinvested’ in Bitcoin

  • As Bitcoin (BTC) reached a new all-time high above $67,000, PayPal co-founder and billionaire venture capitalist Peter Thiel admitted that he should have purchased more Bitcoin.

    Thiel discussed cryptocurrencies, central banks, and artificial intelligence (AI) during an interview with policy think tank Lincoln Network in Miami on October 20.

    “You’re supposed to just buy Bitcoin,” Thiel explained, adding, “I feel like I’ve underinvested in it.”

    The only concern the tech investor had about purchasing Bitcoin was that the investment’s “secret was already known by everyone.” “I believe the answers are still a long way off.” “Perhaps it’s still enough of a secret,” he added.

    According to Thiel, the recent Bitcoin rally is a major source of concern for global central banks. Thiel stated that the cryptocurrency’s surge to new historical highs “certainly tells us that we are at a complete bankruptcy moment for central banks.”

    Thiel also criticized AI as an opponent of crypto’s decentralization force in the interview. “AI, particularly in its low-tech, surveillance form, is essentially communist,” he said, adding that AI is a technology that will “devastate the world.”

    Thiel is a vocal supporter of Bitcoin, claiming that it succeeded as a currency in 2014. The venture capitalist is also known for referring to Bitcoin as “a hedge against the entire world collapsing.” Earlier this year, the venture capitalist warned that the Chinese central government may be backing Bitcoin in order to undermine US foreign and monetary policy.

    PayPal, which Thiel co-founded in 1998, has been experimenting with cryptocurrency over the last year. Last October, the company officially announced its plans to introduce the ability to buy and sell cryptocurrencies such as Bitcoin. Since then, PayPal has launched cryptocurrency services in the United States and the United Kingdom.

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