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Billionaire PayPal co-founder Peter Thiel indicated on Thursday that he wants him to take a bigger position in bitcoin, the leading cryptocurrency that has grown in value in recent months.

Thiel detailed his thoughts on bitcoin during an appearance at a Miami event hosted by Lincoln Network, a right-wing non-profit organization. The tech entrepreneur told the crowd that he was initially hesitant to invest more in cryptocurrency because he thought “the secret was already known to all.”


“You just have to buy bitcoin,” said Thiel, according to bloomberg. “I feel like I’m less invested in it.”

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By Thursday afternoon the price of one bitcoin had risen to over $63,300. The value of the cryptocurrency has increased by almost 400% in the past 12 months. According to Coinbase, the market capitalization of bitcoin is over $1.2 trillion.

Thiel indicated that he was bullish on bitcoin’s long-term prospects for a rise in value. He argued that the growing popularity of cryptocurrencies is evidence that individuals are losing faith in centralized financial institutions.

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

A major conservative donor, Thiel has a personal net worth of approximately $3.9 billion, according to Forbes.