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Peter Thiel, Founder of Paypal, gives his thoughts on Bitcoin [BTC]

Rajath Kumar



Peter Thiel Founder of Paypal gives his thoughts on Bitcoin
Source: Wikimedia Commons

Peter Thiel, the Founder of Paypal gave his thoughts on Bitcoin and other cryptocurrencies in an interview with CNBC.

Peter Thiel is an entrepreneur, venture capitalist, political activist, and an author. He had a net worth of $2.6 billion in 2017. Thiel runs Founders Fund which bought $12 million to $20 million of cryptocurrency asset in Bitcoin which caused a rise in the price of Bitcoin by 9% within 24 hours of purchase in January.

He stated that Bitcoin has a high possibility of becoming of store value instead of a go-to currency for everyday use. He also says that there is a 50-80 percent chance of Bitcoin falling down to a point where it would be useless and a  20-50 percent chance of it going higher in its price.

He also says:

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

He also says that other coins like Ethereum surpassing Bitcoin is only due to its bigger and better features, but the demand for Bitcoin remains huge. He also says that Bitcoin could become a long-term storage asset rather than a go to-asset. He believes that it is an online version of gold.

Theil is a big Bitcoin enthusiast and investor and he has hopes for Bitcoin as he has seen some benefit from his investments. His statement about Bitcoin being a digital gold has become really popular over the internet and has inspired many investors to include themselves in the mainstream and liquidity of Bitcoin.

Peter Thiel had earlier stated:

“I would be long bitcoin, and neutral to sceptical 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.”

Thiel also adds:

“I’m not talking about a new payments system, It’s like bars of gold in a vault that never move, and it’s a sort of hedge of sorts against the whole world going falling apart.”‘

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Rajath Kumar is an intern at AMBCrypto. He became aware of the crypto-world through gaming and has been a part of it for two years now. Rajath does not hold any value in any cryptocurrencies or its projects.

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