Billionaire Peter Thiel touts Bitcoin, says he is 'underinvested'
The price of a single Bitcoin surged to more than $63,300 as of Thursday afternoon
SlateStone Wealth chief market strategist Kenny Polcari provides insight into investing in cryptocurrencies.
Billionaire PayPal co-founder Peter Thiel indicated Thursday that he wished he had taken a larger position in Bitcoin, the leading cryptocurrency that has surged in value in recent months.
Thiel detailed his view on Bitcoin during an appearance at a Miami event hosted by the Lincoln Network, a right-leaning nonprofit organization. The tech entrepreneur told the crowd that he initially hesitated to invest more in the cryptocurrency because he thought "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."
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PayPal co-founder and Facebook board member Peter Thiel delivers his speech on the U.S. presidential election at the National Press Club in Washington, D.C., Oct. 31, 2016. (REUTERS/Gary Cameron) (Reuters Photos)
The price of a single Bitcoin surged to more than $63,300 as of Thursday afternoon. The cryptocurrency’s value has increased nearly 400% over the last 12 months. Bitcoin has a market capitalization of more than $1.2 trillion, according to CoinBase.
In this Feb. 9, 2021 file photo, the Bitcoin logo appears on the display screen of a crypto currency ATM at the Smoker's Choice store in Salem, New Hampshire. (AP Photo/Charles Krupa / AP Newsroom)
Thiel indicated that he was bullish on Bitcoin’s long-term prospects to increase in value. He argued the rising popularity of cryptocurrencies was proof that individuals were losing faith in centralized financial institutions.
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"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."
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A prominent conservative donor, Thiel has a personal net worth of approximately $3.9 billion, according to Forbes.