The German-American billionaire entrepreneur – Peter Thiel – praised bitcoin’s recent surge to an all-time high price. According to him, this rise shows that the major financial institutions are struggling to cope with the current economic situation.

Underinvested in Bitcoin

Peter Thiel – Co-Founder of PayPal and Palantir Technologies – has been a long-standing cryptocurrency advocate, with bitcoin being his most preferable digital asset. In a recent appearance in Miami, he reaffirmed his support, saying that investing in it is both simple and a must. Thiel also regretted not having a more significant BTC position:

“You’re supposed to just buy Bitcoin. I feel like I’ve been underinvested in it.”

Arguably the hottest topic in the cryptocurrency space now is that of bitcoin’s ATH price. Thiel said he would not be surprised if it continues its rally soon. In contrast, the event revealed that central banks are not functioning well:

“Bitcoin at $66,000. Is it going to go up? Maybe. But it surely tells us that we are at a complete bankruptcy moment for the central banks.”

Thiel stated that being a “force for decentralization” is the most considerable merit of the digital asset industry. Contrarily, the development of artificial intelligence, “especially the sort of low-tech, surveillance form, is essentially communist,” as it has a centralized nature, he concluded.

It is worth noting that Thiel’s companies – PayPal and Palantir – both offer crypto-related services to their clients. The former recently allowed UK customers to buy, sell, and hold multiple digital assets, including bitcoin and ether, directly from their accounts. In its turn, Palantir accepts BTC as a payment method and even considered adding it to its balance sheet.

Bitcoin Could Be a Chinese Financial Weapon against The US

In May this year, the entrepreneur made another comment on bitcoin and its use-cases. Despite being a keen proponent of the cryptocurrency industry, he warned that China might use the leading digital asset as a weapon to counteract the dominance of the US dollar. Otherwise, the States would still have leverage over “things like the oil supply chain:”

“Even though I’m sort of a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the U.S.”

In any case, the total ban which the People’s Bank of China imposed on trading and mining cryptocurrencies sounds like it has disbursed his concerns.

Featured Image Courtesy of USAToday