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Peter Thiel, co-founder of PayPal: Bitcoin has a great potential & # 39;

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Billionaire investor Peter Thiel believes that bitcoin critics "underestimate" the "big potential" of cryptocurrency. "the cyber equivalent of gold".

Peter Thiel: Bitcoin has a great left potential '

The price of bitcoin has risen nearly 800% over the past year and is currently trading slightly below $ 6,000, which has led many analysts to say that he was caught in a "speculative bubble". Others, like Peter Thiel, believe that these critics "underestimate the" great potential "Bitcoin has left.

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As reported by CNBC Thiel, co-founder of PayPal and first Facebook investor, made these comments at the Future Investment Initiative in Riyadh, Saudi Arabia Saudi Arabia, stating that he believes that bitcoin could become the numerical equivalent of gold:

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"If bitcoin ends up being the cyber equivalent of gold, it has great potential," he says, "Bitcoin is exploitable as gold , difficult to extract, it is harder to exploit than gold, and so in this sense it is more constrained, "he added.

However, Thiel added that he is skeptical about the fact that other cryptocurrencies have the same potential as Bitcoin, alluding to the fact that many altcoins have claimed to reach the main ends of cryptocurrency. currency more efficiently than bitcoin. He pointed out that Bitcoin can serve as a "reserve currency", so "You do not need to use it to make payments":

"I'm skeptical about most of them (crypto-currencies), I think people are a little … underestimate bitcoin especially because … c & Is like a money reserve, it 's like gold, just a valuable store.You do not need to use it to make payments , "says Thiel.

Silicon Valley embraces Bitcoin

Thiel is one of the many devices in Silicon Valley to point to bitcoin after first expressing his skepticism about the idea of ​​cryptocurrency. Not later than in 2014, Thiel had expressed that he was not optimistic. Bitcoin could reach traditional adoption until it is "used to make more legal transactions". However, he embraced bitcoin later after seeing the ecosystem grow.

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Steve Wozniak, co-founder of Apple and icon of Silicon Valley, awarded similar praise to bitcoin earlier this week at the Money 20/20 conference in Las Vegas. Claiming that the government's ability to print currency at will "made it a fake," Wozniak said he believed Bitcoin's mathematical properties made it superior to the US dollar and even to the US dollar. ;gold.

"Gold is extracted and extracted and extracted," he said. "Maybe there is a limited amount of gold in the world, but Bitcoin is even more mathematical and regulated and no one can change math."

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However, Thiel's comments diverge from those of Saudi billionaire, Prince Alwaleed bin Talal, who said earlier this week that Bitcoin "was going to implode" due to a lack of regulatory oversight.

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