PayPal co-founder: I underinvested in bitcoin

Billionaire Peter Thiel, renowned IT entrepreneur and co-founder of PayPal, said he regrets not investing enough in bitcoin.

Thiel said that he would like to take a larger position in bitcoin, but hesitated to increase investments. Speaking at an event in Miami, Thiel shared with the audience that at first he did not dare to increase investments in bitcoin, and then thought that it was too late to invest, since “the secret was already known by everybody.”

“You’re supposed to just buy Bitcoin,” Thiel said, according to Bloomberg. “I feel like I’ve been underinvested in it.”

Thiel noted that he is optimistic about bitcoin’s long-term prospects. The growing popularity of cryptocurrencies is proof that people are losing faith in centralized financial institutions, he said.

“Bitcoin at $66,000. Is it going to go up? Maybe,” he added. “But it surely tells us that we are at a complete bankruptcy moment for the central banks.”

Having updated its all-time high on October 20, bitcoin dropped to $63,500 by the evening of October 21. The value of the cryptocurrency rose by almost 400% over the past 12 months.


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