Peter Thiel still a stern believer of Bitcoin’s [BTC] triumph – compares it to gold

Peter Thiel, a venture capitalist, co-founder of PayPal and an early investor of Facebook is noticeably betting on Bitcoin [BTC] which according to him is the gold of crypto world. He says his strong optimism is because of Bitcoins [BTC] size; ‘it has and will be a giant of the crypto market’.

At the Economic Club of New York on Thursday, Thiel said in a conversation:

“I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. Also, there will be a coin equivalent to gold, and the one you’d bet on would be the biggest.”

He clarifies that he is not talking about a new payment system because Bitcoin would be too cumbersome for such cases. He refers and describes Bitcoin as ‘bars of gold in a vault which will never move and as a hedge of sorts against the whole world which is falling apart’.

He scored a 50-80% chance that BTC might end up being worthless at the same time; there is a 20-50% chance it will grow higher. Other coins like Ethereum could beat Bitcoin which is very likely and other coins down the road might adapt better features and technologies to overpower Bitcoin. But the factor that sets Bitcoin apart from these is its ‘size’.

Bitcoin [BTC]

This giant is currently trading at $8,271.91 after a series of downfalls. It dominated more than 42% of the entire market capital amongst cryptocurrencies as on Thursday.

Peter Thiel further comments about Bitcoin:

“Gold will remain gold because it is the main asset class, it can be replaced by silver which is not likely to happen.”

He has been a Bitcoin believer for a long time. According to reports from Wall Street Journal earlier this year, the Founders Fund which is run by him purchased $15 million to $20 million dollars in BTC.

Adding on to his pessimistic belief in other digital assets, he says:

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

Concluding his talk at the Economic Club of New York, he says:

“The world is underestimating the digital currency.”

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