Co-Founder Of Paypal Peter Thiel Calls Bitcoin ‘Digital gold’

Who is Peter Thiel?

Peter Andreas Thiel is an American entrepreneur, venture capitalist, philanthropist, political activist, and author. He was ranked No. 4 on the Forbes Midas List of 2014, with a net worth of $2.2 billion, and No. 315 on the Forbes 400 in 2017, with a net worth of $2.6 billion. He co-founded PayPal in 1999 and served as the chief executive officer until its sale to eBay in 2002 for $1.5 billion.

While many politicians and heads of corporations still lambast cryptocurrencies, PayPal co-founder and venture capitalist Peter Thiel has sponsored Bitcoin again, calling the virtual currency the future of finance.

Thiel has been a vocal proponent of Bitcoin for a while now and has been advocating using cryptocurrencies and blockchain since in 2017. In a recent interview, he compared bitcoin to gold bars placed in a “vault that never moves”. He elaborated by means of saying that he noticed crypto assets as being “value containers” rather than currencies which would be used to facilitate everyday transactions.

At the same time speaking in an event held at the economic club of New York recently, Thiel said:

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

According to the recent reports, Thiel has already made great Bitcoin investments thru his venture capital firm, Founders Fund. It is envisioned that those purchases are well worth anywhere between $15 million to $20 million. In reality, the funding caused a growth in Bitcoin’s price of over 9% within a span of simply 24 hours.

However, there had been instances in the recent past while Thiel admitted that Bitcoin may lose some of its worth and get replaced by its competitor Ethereum. But by and massive, his stance has usually been one that backs alt-assets and the crypto domain as a whole.