PayPal co-founder Peter Thiel: People underestimate Bitcoin

Billionaire entrepreneur and PayPal co-founder Peter Thiel has been a long-time supporter of Bitcoin. Thiel reiterated its potential by saying that people underestimate Bitcoin at the Future Investment Initative conference in Riyadh, Saudi Arabia.

Comparing Bitcoin with gold, Thiel said, “It’s like a reserve state of money. A store of value like gold. “Bitcoin has great potential if it becomes the cyber partner of gold.”

A long-time supporter of Bitcoin

Peter Thiel is one of the first proponents of Bitcoin. He stated in 2013 that Bitcoin has the potential to change the world.

As one of the founders of PayPal, he became aware of Bitcoin‘s ability to revolutionize the monetary realm. He has long claimed that the time for monetary sovereignty is limited and that cryptocurrencies will come.

In a speech at the University of Chicago’s Department of Business Administration, Bitcoin succeeded in creating a currency, unlike PayPal.

While Thiel was very excited about Bitcoin’s potential at the conference he attended in Riyadh, Saudi prince Alwaleed bin Talal had a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes Bitcoin will explode like Enron.

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