Peter Thiel is an American billionaire with roots in Germany. He is a well-known personality in the tech and financial world for co-founding PayPal. He has also made other interesting investments, like being the first outside investor on Facebook. His standing in the fintech world is undisputed, and he is considered an expert authority on the subject.
Speaking on the matter of cryptocurrencies and Bitcoin, in particular, his advice has been sought after by many people around the globe. Thiel believes that the rise of Bitcoin is the undisputed proof of the beginning of the end for the centralized governments and banking system. He has also called Bitcoin the most honest market in the USA previously.
Peter Thiel also reflected on his personal experience with the flagship cryptocurrency. Bloomberg reported that Theil feels that he should have invested a greater ration of stakes into Bitcoin. He was speaking to the attendees of a conference in Miami. He further explained that most people had discovered the secret of investing in crypto in the current year, but it is still not enough.
According to him, the correct way to make the most out of this opportunity is to go long. Thiel opines that since Bitcoin has once again managed to go as high as $65K in the current year is proof enough that it is here to stay for the long run. It is worth noting that Bitcoin took a back step on Thursday after it went back to $63K from a $65K position.
Crypto can Threaten Conventional Banking System
PayPal co-founder Peter Thiel seems to be fond of the apocalyptic theories connected to Bitcoin. He was recently attending a meeting of the conservative federalist society when he remarked that Bitcoin’s power could crush the conventional banking system. He further added it is not the right time to go all-in on the Bitcoin bet.
On Tuesday, the first-ever Bitcoin ETF by ProShares was listed on the spot market. This new development sent a wave of bullish development in the cryptocurrency marketplace. However, Bitcoin seems to have taken a breather from ascending graph in the last 24 hours. Next week, another Bitcoin ETF by VanEck is going to start trading, which can reflect positively on the price of the firstborn crypto.