BTC
$103,647.73
+
1.30%
ETH
$2,605.72
+
1.54%
USDT
$1.0003
+
0.01%
XRP
$2.4200
-
3.37%
BNB
$656.74
+
0.59%
SOL
$172.45
-
0.28%
USDC
$1.0000
+
0.00%
DOGE
$0.2266
-
1.05%
ADA
$0.7793
-
0.63%
TRX
$0.2753
+
1.67%
SUI
$3.9044
+
3.05%
LINK
$16.40
-
0.94%
AVAX
$23.83
-
1.48%
XLM
$0.2989
-
0.38%
HYPE
$26.84
+
7.10%
SHIB
$0.0₄1507
-
0.91%
HBAR
$0.2001
-
1.09%
LEO
$8.8394
-
0.30%
BCH
$401.08
+
1.09%
TON
$3.1326
-
1.00%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Consensus
  • Sponsored
  • Sign In
  • Sign Up
Advertisement

Consensus 2025

Consensus 2025

Prices Increase This Friday

14:11:50:15

14

DAY

11

HOUR

50

MIN

15

SEC

Register Now
Markets
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Peter Thiel: Bitcoin Payment System 'Badly Lacking'

Investor and PayPal co-founder Peter Thiel has again expressed lukewarm views on bitcoin, saying it lacks a payment system.

By Jon Southurst
Updated Sep 11, 2021, 11:09 a.m. Published Sep 12, 2014, 5:08 a.m.
Peter Thiel image via CoinDesk archives
Peter Thiel image via CoinDesk archives

Peter Thiel, the notable entrepreneur and Silicon Valley venture capitalist who co-founded PayPal, has expressed his dissatisfaction with the current volume of bitcoin payments, saying a payment system to surround its technological base is "badly lacking".

Thiel made the comments while participating in a Reddit AMA (ask-me-anything) earlier today, where several questioners asked his opinion on bitcoin and other digital currencies.

Story continues
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

He responded:

"PayPal built a payment system but failed in its goal in creating a 'new world currency' (our slogan from back in 2000). Bitcoin seems to have created a new currency (at least on the level of speculation), but the payment system is badly lacking."





"I will become more bullish on Bitcoin when I see the payment volume of Bitcoin really increase."

Thiel did not respond to follow-up questions on the matter.

Person of interest

Given his anti-establishment political stance and past involvement with PayPal and hardcore libertarian projects like The Seasteading Institute, German-born Thiel has long been watched by the bitcoin community. As he noted himself, a key goal behind the original PayPal concept was to create an internet-based global currency.

His Founders Fund was also an early investor in BitPay, to the tune of $2m.

His views on bitcoin otherwise, however, have been lukewarm. While he appears to believe in its underlying principles, in 2013 he said bitcoin had a "20% chance of success".

Just a couple of months later he appeared more optimistic, telling a conference that bitcoin and encrypted money systems had the potential to change the world.

He said at the time:

“It is worth thinking about money as the bubble that never ends. There is this sort of potential that bitcoin could become this new phenomenon.”

He also noted that many of the arguments against bitcoin, including that its value was fake or the result of a bubble, also applied to the world's fiat currencies including the US dollar.

Image via Fortune Live Media / Flickr

Peter ThielNews
Jon Southurst

Jon Southurst is a business-tech and economic development writer who discovered bitcoin in early 2012. His work has appeared in numerous blogs, UN development appeals, and Canadian & Australian newspapers. Based in Tokyo for a decade, Jon is a regular at bitcoin meetups in Japan and likes to write about any topic that straddles technology and world-altering economics.

Picture of CoinDesk author Jon Southurst

Only 2 articles remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Consensus
        Back to menu
        Consensus
        • Consensus Toronto
        • Toronto Coverage
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk