Thiel detailed his view on Bitcoin during an appearance at a Miami event hosted by the Lincoln Network, a right-leaning nonprofit organization. The tech entrepreneur told the crowd that he initially hesitated to invest more in the cryptocurrency because he thought "the secret was already known by everybody."
"You’re supposed to just buy Bitcoin," Thiel said, according to Bloomberg. "I feel like I’ve been underinvested in it."
The price of a single Bitcoin surged to more than $63,300 as of Thursday afternoon. The cryptocurrency’s value has increased nearly 400% over the last 12 months. Bitcoin has a market capitalization of more than $1.2 trillion, according to CoinBase.
Thiel indicated that he was bullish on Bitcoin’s long-term prospects to increase in value. He argued the rising popularity of cryptocurrencies was proof that individuals were losing faith in centralized financial institutions.
"Bitcoin at $66,000. Is it going to go up? Maybe," he added. "But it surely tells us that we are at a complete bankruptcy moment for the central banks."
A prominent conservative donor, Thiel has a personal net worth of approximately $3.9 billion, according to Forbes.