Peterson along with 13 co-riders were biking down a steep hill in Winona, Minnesota when one of his teammate lost control and hit a grain truck that was making its way up the hill.
The bike then flew into Peterson, which caused him to fly off head first.
Peterson broke his collarbone, bruised a lung, cracked some ribs and had cuts and bruises.
His teammate was killed in the crash.
But Peterson accredits his survival to his bike helmet, which he says had he not been wearing it he could have been killed.
Peterson is expected to fully recover from his injuries and be back on his bike in a month.