Peter Thiel feels he underestimated bitcoin. The world’s number one digital currency by market cap recently hit a new all-time high of approximately $66,000, though the asset is now down by a few thousand and trading for just over $62,000.
Peter Thiel Wishes He Had Invested More in BTC
Either way, Thiel implied in a recent interview that he wishes he had gotten more involved with the cryptocurrency and added more units to his portfolio, and he thinks the opportunity to take advantage of the asset may be gone. He commented:
I feel like I’ve been underinvested in it. Maybe it still is enough of a secret. I think the answers are still to go long.
Thiel is a libertarian and the founder of PayPal. This is ironic given that the digital payment platform has arguably been more serious about bitcoin than Thiel has. About a year ago, the company announced that it was going to allow customers to not only hold digital currencies in their PayPal accounts, but they could also pay for goods and services through the platform with crypto.
This got the digital currency community hopping like mad, and the price of bitcoin rose to $13,000 per unit, which back then, was somewhat impressive. By today’s standards, however, the currency has grown nearly five times that, so $13K doesn’t seem like much anymore.
This has both its good and bad sides. During a separate interview, Thiel discussed that he thinks bitcoin may be overbought at $60,000+. At the same time, he says it is a bad sign for central banks, and that the standard financial procedures America and other regions across the globe have gotten used to may come crashing down soon.
Could Standard Banks Soon Be a Thing of the Past?
Discussing financial protocols in the United States, he said that the entire system may soon be stuck adhering to bitcoin, and that individuals may find themselves looking at it more given the honesty behind it and the fact that inflation continues to occur. He states:
I don’t know that you should put all your money into bitcoin at $60,000 a bitcoin right now, 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 about to blow up.
The attitude towards bitcoin that we’re witnessing today – where it’s being viewed as something of a hedge tool that can keep one’s wealth stable and steady during times of economic strife – began about a year and a half ago when the coronavirus pandemic first began to take hold of the global economy. Many governments began printing money like mad to offer individuals stimulus funds so they could remain afloat. This is largely believed to have begun the inflationary waves we’re now seeing.