Peter Thiel, tech billionaire and tech entrepreneur, said that he had not been betting enough on Bitcoin. Now he is worried about the truth.
According to a Bloomberg report, Thiel said that he feels like he’s been underinvested. Thiel said that he believed everyone knew the secret to cryptocurrency. He said that it might still be enough of a secret.
According to Bloomberg, he stated that he believes the answers to bitcoin are still long away.
Thiel stated that cryptocurrency is in a ‘complete bankruptcy’ moment as it trades at $65,000, breaking new records.
Thiel, the outspoken libertarian who founded PayPal, made these comments at Miami’s Perez Art Museum. The Lincoln Network is a non-profit technologist and capitalist that seeks to connect ‘Silicon Valley knowledge-how with D.C. policies’ according to its website.
Thiel referred to the disruptive potential of bitcoin at an earlier event. He said that bitcoin’s rally was a sign that the ‘decrepit system’ is about to collapse at a conservative Federalist Society gathering on Monday night. He said that it may not be the right time to invest in cryptocurrency.
Bitcoin fell to $65,000 on Thursday morning after reached a peak just under $67,000 the previous day due to investor hype surrounding an exchange-traded fund that was linked with the cryptocurrency.
A second bitcoin futures ETF is due to trade next week from VanEck, an asset management firm. This follows the ProShares fund which hit the market on Tuesday.