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PayPal’s Peter Thiel Calls Bitcoin Digital Gold

While many politicians and heads of corporations continue to lambast cryptocurrencies, PayPal co founder and venture capitalist Peter Thiel has supported Bitcoin yet again, predicting virtual currency – the future of finance. Thiel was a vocal proponent of Bitcoin for a while now, and has been advocating the use of cryptocurrencies and blockchain since 2017. In a latest interview, he contrasted bitcoin to golden bars placed within a vault that never movesrdquo. He elaborated by saying that he saw the crypto assets as being of value containers, rather than currencies that would be employed to facilitate regular transactions.

 

While speaking at an event held in the Economic Club of NY lately, Thiel added:

“I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. There will be one online equivalent to gold, and the one you’d bet on would be the biggest.”

According to reports, Thiel has already made important Bitcoin investments through his venture capital company, Founders Fund. It’s estimated that these purchases are worth anyplace between $15 million to $20 million. In reality, the investment led to a rise in Bitcoin’s cost of over 9% in a period of just 24 hours. But, there have been cases in the latest past when Thiel confessed that Bitcoin might lose some of its value and be substituted by its own competitor Ethereum. But by and large, his position has always been one which backs alt assets and the crypto domain as a whole.