Peter Thiel betting on Bitcoin becoming digital gold

Peter Thiel who is the co-founder of Paypal and Palantir and also for his book Zero to One talked about cryptocurrencies on Thursday during a fireside chat at Economic Club of New York.

Theil had invested in bitcoin as early as 2012 has been bullish on bitcoin.

He said

“long bitcoin, neutral to skeptical on everything else.” “I’m not exactly sure whether or not I would encourage people to turn out and buy these cryptocurrencies right now,” he said.

He believes that there will be one cryptocurrency in the future which will prevail as digital gold and it most likely will be Bitcoin.

“Any of the objections most people would have to bitcoin are the same objections people would have had to gold,” he said. “But money is a bubble that never pops … and there is this bubble-like aspect to money that can be quite stable.”

Thiel’s optimism did not extend to all digital assets.

“I’m not sure I would encourage people to run out right now and buy these cryptocurrencies,” Thiel said.

According to Thiel there is still a chance of other cryptocurrencies like Ethereum that could potentially beat Bitcoin.

Founders Fund, run by Thiel, bought about $15 million to $20 million of dollars in bitcoin, the Wall Street Journal reported in early January, citing sources familiar with the situation.

You can watch the talk here:

Sources:

Peter Thiel is betting on bitcoin because one cryptocurrency will become the ‘online equivalent to gold’

Peter Thiel thinks that bitcoin will be the one cryptocurrency to rule them all

Peter Thiel Is Bullish on Bitcoin, the Heartland and Trump

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