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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.”

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“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.