PayPal: “Bitcoin Is Underestimated Compared To Gold”

Billionaire venture capitalist and PayPal co-founder Peter Thiel, longtime Bitcoin supporter. Speaking at the Future Investment Initiative held in Riyadh/Saudi Arabia, Thiel reiterated that people are underestimating Bitcoin.

Longtime Bitcoin Supporter

Peter Thiel is a long-time Bitcoin supporter as we mentioned at the beginning.. Thiel said in 2013 that Bitcoin has the potential to change the world. As one of the co-founders of Paypal, Thiel believes that Bitcoin will make fundamental changes in finance. Although Thiel thinks that there are limits to economic and financial sovereignty, he argues that cryptocurrencies will be the currency of the future. Speaking at the University of Chicago, Thiel stated that unlike PayPal, Bitcoin has really succeeded in creating a currency.

Digital Gold

Peter Thiel Bitcoin believes that digital gold will replace the reserve currency. He compared Bitcoin with gold in terms of its limited number and mintability and said:

“It’s like a reserve state of money.. Totally a store of value like gold. Bitcoin has great potential if it becomes the cyber mate of gold.”

However, Peter is not as enthusiastic about other cryptocurrencies.

Is the Prince listening?

Peter Thiel is very optimistic about Bitcoin, The Saudi prince in Riyadh has a completely different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will explode, just like Enron.

Bitcoin trading is free in Saudi Arabia.. But  Saudi Arabian Financial Institution warned people about the risks of investing in Bitcoin. The Middle East is a swarm of billionaires and if Thiel convinces oil-dollar holders to invest in Bitcoin, Bitcoin price may see an increase.

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