Peter Thiel from Paypal declares: "People are underestimating the great potential of Bitcoin"
Billionaire investor and co-founder of Paypal, Peter Thiel, declared on Thursday October 26 that "people are underestimating Bitcoin when in fact it has great potential".
Speaking at the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel compared Bitcoin cryptocurrency with gold.
"I'm skeptical about most cryptocurrencies, but I think people are slightly underestimating Bitcoin especially because it's like a way of reserving money, it's like gold, and it's just a store of value. It is not necessary to use it to make payments, "said Thiel.
I also argue that if Bitcoin ends up being the cybernetic equivalent of gold, that would mean it has a lot to offer. There has been a growing interest in this digital currency this year.
Cryptocurrency recently reached a new record above USD 6,100 and has recovered more than 500% this year despite having bifurcated again recently.
Thiel said that the strongest attribute of Bitcoin is in the "security of mathematics", which means that it can not be hacked and is safe. PayPal founder and venture capitalist compared some of the characteristics of the first cryptoactive with gold.
"Bitcoin is exploitable like gold, it is difficult to mine and is actually harder to mine than gold. And in that sense it is more limited, "Thiel argued.
The cryptoactive has a limited supply and only 21 million digital copies will be issued. The main figures of the business world have weighed in the debate on the sustainability of cryptocurrencies.
JPMorgan Chase CEO Jamie Dimon called Bitcoin "fraud" and said the people who buy it are "stupid." On the other hand, Saudi billionaire investor Prince Alwaleed Bin Talal said on Monday that Bitcoin will "implode" someday.
In addition, former hedge fund manager Michael Novogratz said the first crypto-active would reach USD 10,000 and subsequently surpass them based on a survey conducted by CNBC to its readers.
source CNBC
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