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Peter Thiel, PayPal co-founder and tech billionaire, recently stated that he feels “underinvested” in Bitcoin. Though he is a long-time Bitcoin supporter, he avoided investing in it because he thought it was an “open secret.” However, he realized that it may still have room to grow, and attributes its recent success to central bank failure.
Bitcoin and Libertarianism
Thiel aired his thoughts in an interview with the Lincoln network on Wednesday. The network is a non-profit that advocates for governments to engage with burgeoning technologies which promote freedom. While discussing the authoritarian potential of AI technology, Thiel contrasts it with Bitcoin, which he calls a “force for decentralization”.
“AI, especially the sort of low-tech, surveillance form, is essentially communist,” said Thiel.
Thiel is a well-established advocate for libertarianism. In 2008, he invested over $1 million in building a utopian libertarian island nation off the coast of San Francisco. As one would expect, his hopes proved overly optimistic, and he admitted the project “was not quite feasible” in 2011.
As with the island nation, Thiel also admits that he was overly optimistic about Bitcoin’s success. Though by no means a failure, he thought everybody had already known about Bitcoin, implying he was late to invest. However, Bitcoin is now trading at all-time highs, and institutional investment is pouring into the asset. At the moment, he regrets having not bought more.
“You’re supposed to just buy Bitcoin,” he said at the Miami conference. “I feel like I’ve been underinvested”.
Peter Thiel has been aware of Bitcoin for a while and even predicted something very similar to it over 20 years ago. He described himself as a Bitcoin maximalist earlier this year.
A Central Bank Killer
The venture capitalist is open to the possibility that Bitcoin could continue to rise in the future. However, he’s more interested in how its success “tells us that we are at a complete bankruptcy moment for the central banks.”
Bitcoin supporters and institutions alike are aware of the pressing issue caused by the central bank’s recent money printing. JP Morgan has even identified it as a primary cause of Bitcoin’s success. According to their analysis, institutions are reallocating their funds from gold to Bitcoin as an inflation hedge.
After voting to increase the debt ceiling, Republican Senator Cynthia Lummis repudiated her colleagues for failing to address inflation. She called it a “looming, predictable, massive issue” and thanked god Bitcoin exists as a solution.