Billionaire VC Peter Thiel Says He ‘Underinvested’ in Bitcoin

Billionaire venture capitalist Peter Thiel has praised Bitcoin while saying he might have bought less of it. “You’re supposed to just buy Bitcoin. I feel like I’ve been underinvested in it.” Bitcoin Is a Rebuke to the Central Financial System: Thiel According to Peter Thiel, the rise of cryptocurrencies was a rebuke to the global financial system, he said in an interview hosted by the Lincoln Network, a right-leaning non-profit. “Bitcoin at $66,000. Is it going to go up? Maybe. But it surely tells us that we are at a complete bankruptcy moment for the central banks.” Thiel was also cautious about the development of artificial intelligence, suggesting that crypto was libertarian because it’s a “force for decentralization,” and that “AI, especially the sort of low-tech, surveillance form, is essentially communist,” because it’s a force for centralization. The event took place at the Perez Art Museum Miami, a city that has become a favored location for crypto investors. Thiel’s own Founders Fund was an early promoter of Miami as a new tech hub, with fund principal Delian Asparouhov tweeting in December, “ok guys hear me out, what if we move Silicon Valley to Miami?” The venture capital firm announced later in the year that it had signed a multi-year lease for space in the city’s Wynwood neighborhood and that he had reportedly spent $18 million on two adjacent waterfront mansions in Miami Beach. Crumbling Political System in the U.S. Peter Thiel has made crypto investments through venture-capital firms he’s helped establish, including the Founders Fund. He is also a backer of 1confirmation, along with Marc Andreessen and Mark Cuban. In another speech at the gathering of a Federalist Society, a conservative law group, Thiel reportedly said bitcoin’s rising prices confirm that U.S. politics are unsustainable. “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,” he said. “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 just about to blow up.”
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