Tech billionaire Peter Thiel laments underinvesting in bitcoin

Bitcoin slips after record high

The German-born co-founder of PayPal who invested early in Facebook has lamented his lack of commitment to bitcoin. 

Technology billionaire Peter Thiel said at an event on 20 October that: “You’re supposed to just buy bitcoin. I feel like I’ve been underinvested in it.”

Although Thiel admitted the secret of cryptocurrencies was already well-known, he maintained that “the answers are still to go long” on bitcoin. “Maybe it is still enough of a secret,” he suggested.

Bitcoin’s surge

Such comments came shortly after bitcoin surged beyond the $66,000 threshold for the first time, to reach an all-time high of $66,930. 

The world’s first and largest crypto has steadily recovered lost ground after having slumped below $30,000 in July after the Chinese government announced a crackdown on cryptocurrency mining and trading,

Runaway levels of inflation across the world, above the target of most central banks, also increased its appeal as a potential digital hedge. 

This week’s momentum can be attributed to the launch of the first bitcoin exchange-traded fund in the United States. Another step in the once-maligned asset’s inclusion into the financial mainstream. 

Thiel, who has consistently espoused a libertarian worldview, characterised bitcoin’s recent surge as a rejection of the current fiat currency system. Framing the cryptocurrency as a “force for decentralisation”, he said: “It surely tells that we are at a complete bankruptcy moment for the central banks.” 

Price correction

Having reached a new high, bitcoin underwent a correction on 21 October, with its market capitalisation falling by around $100bn. 

By 13:50 (EDT), Bitcoin traded down 5% at $62,815. 

Bitcoin to US Dollar
Daily change
Low: 48772.2
High: 49672

Further reading: Tesla reports record profits and sales

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