Bitcoin is One Asset PayPal Co-founder Peter Thiel ‘Most Strongly’ Believes In
His bullish advice is also to invest in Bitcoin as it fits the thesis of being “so big and so stupid” that professional money managers are embarrassed to invest in it.
Peter Thiel is a Bitcoin bull, and there are no two ways about it. Time and again, he doubled down on Bitcoin, which he sees as the best bet.
In a clip circulating online, Thiel is talking about Bitcoin as “one asset that I most strongly believe in.” The audio is from a podcast conducted by The Center for Strategic and International Studies (CSIS) last month.
In the episode, the cofounder of PayPal who is invested in companies like SpaceX and Airbnb, yet again discussed a bullish case for the leading digital currency.
According to him, as an investor, you often want to find things that are so stupid that other investors are embarrassed to invest in them.
Jim Cramer was the one that came with the FANG acronym on Mad Money in 2014, and if one had just held it, they would have made 8 times more money in last 6 years and done more than any venture capitalist, said Thiel, adding: it is “too stupid in a way.”
Now, the same investment, according to him, is Bitcoin, a trillion-dollar asset.
“My candidate for that investment that is so big and so stupid that professional money managers are embarrassed to do it is to just buy Bitcoin,” said Thiel, calling it a “strange monetary experiment.”
While one can be long on gold, the precious metal is “an old economic asset,” he added. Moreover, probably it’s bitcoin more than gold, and nobody is in that one, he said.
Previously, Thiel, who was an early investor in Facebook, has talked about Bitcoin as the digital equivalent of gold, which could become a store of value. He also has made several investments in the cryptocurrency space, besides Block.one, Thiel-backed startup also invested in crypto mining Layer1 that builds Bitcoin mining data centers.