Peter Thiel, the co-founder of PayPal, restated the potential of Bitcoin and the fact that people were underestimating it. Thiel has been a long-time supporter of cryptocurrency and is among the earliest proponents of the digital currency.
As the co-founder of PayPal, he envisioned the potential it had to revolutionize the monetary space and stated in 2013 that Bitcoin holds the potential to change the world. For a long time now, he has been advocating the view that monetary sovereignty only has a limited amount of time left now and encrypted money is the future.
While delivering a speech at the University of Chicago’s Booth School of Business, he said that Bitcoin, unlike PayPal, has succeeded in creating a currency and is a valuable asset.
Bitcoin is the Gold of the Digital Ecosystem
Thiel compared the most popular cryptocurrency to gold stating that it can take the place of gold as a reserve currency. “It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”
He backed this up by comparing multiple features of the cryptocurrency to gold—including the fact that Bitcoin is mineable and well, is limited in supply. While he was all excited to talk about its future, Theil did not show much keenness for other cryptocurrencies which might be disheartening for the altcoin enthusiasts.
A Contrasting View Point
While Peter Thiel was busy highlighting the potential of Bitcoin, Prince Alwaleed bin in Talal—the richest Arab in the world—holds an entirely contrasting belief. The prince is of the opinion that it can implode like Enron and while the citizens of Saudi Arabia have been allowed to trade in the currency, they have been continuously warned by the Saudi Arab Monetary Authority of the risks of investing in this cryptocurrency. This comes in the wake of industry leaders like Jamie Dimon trashing Bitcoin.
The Middle East has seen huge billionaire team-ups and if Thiel successfully manages to convince a few people to invest their oil-dollars in the cryptocurrency, the prince of Bitcoin is sure to receive a boost.