Peter Thiel has become the latest prominent figure to endorse cryptocurrencies and their innovative nature. The tech billionaire and political donor has praised cryptocurrencies, especially Bitcoin.
“You should just buy Bitcoin,” Thiel said at an event in Miami. “I feel like I’m underinvested in it.”
Although I think it’s too late to invest
Thiel said his hesitation to invest in Bitcoin was because he thought the time had passed. "The secret is out there," he said. However, he said he still believes Bitcoin investors should hold on for the long term, noting that more people may be drawn to the cryptocurrency.
Thiel further stated that the cryptocurrency boom is a major blow to traditional financial institutions. He pointed out that the rise in the price of Bitcoin to $66,000 and above shows that central banks are facing a major bankruptcy moment.
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Thiel also touched on the issue of artificial intelligence and how it relates to decentralization. He said that in a way, cryptocurrency is the "decentralizing force of artificial intelligence." He said: "Artificial intelligence, especially in its low-tech, surveillance form, is inherently communist."
Thiel noted that low-tech AI used primarily for surveillance is inherently communist. However, he noted that he does not completely deny AI, but he hopes that those who are developing AI will think about the fact that they are working on a technology that will destroy the world.
The event where Thiel spoke in Miami was held at the Perez Art Museum Miami, a city that has become a major fintech hub. Miami's mayor has attracted a wide range of tech founders to the city, making Miami a hub for fintech, venture capital and the financial industry.
Some of the cryptocurrency startups that have recently announced bases in Miami include eToro and blockchain.com. Venture capital and investment firms such as Goldman Sachs Group Inc and Blackstone Group Inc have already established offices in Miami.
Thiel played a role in making Miami the financial technology hub it is today. The PayPal founder also owns a venture capital fund called Founders Fund, which is also based in Miami. The venture capital firm signed a multi-year lease in the city. Thiel also owns two mansions in the city valued at approximately $18 million.
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