Co founder of PayPal- Peter Thiel talks in favour of Bitcoin
The billionaire co-founder of PayPal- one of the world’s best payment solutions has remarked in favour of the world’s most famous and used cryptocurrency Bitcoin. He believes that there has been a lot of underestimation of the cryptocurrency and says that Bitcoin is like a reserved form of money.
He attended a Financial Investment Initiative Summit in Saudi Arabia and spoke about Bitcoin on the third day of the summit. According to CNBC Thiel is confident that the Bitcoin ha a promising future as it can be seen from the trajectory it is taking. He spoke to the anchor of Fox Business Network Maria Bartiromo and said that Bitcoin’s criticism is taking place because it is used like Gold as a reserved form of money and you don’t need to use it for payments. He commented, “If Bitcoin is used mainly as a cyber equivalent of Gold then there is a lot of potential left for the cryptocurrency”.
According to Coindesk news, Thiel previously had negative remarks on the payment system of Bitcoin. In 2014 he said that the Bitcoin payment system is lacking things and he was not ready to take a more bullish position just now. At that time he said that if the payment volume of Bitcoin increases in future, he will become more bullish on Bitcoin then.
According to him, Bitcoin mining which is energy intensive is more difficult than the mining of Gold. He was pointing on the limited issuance of the Bitcoins encoded in the cryptocurrency software which shows that only 21 million bitcoins will be created.
He said” Bitcoin can be mined like Gold but it is hard to mine it and actually harder to mine Bitcoin than Gold. In this sense Bitcoin is more constrained.” Peter Thiel also seemed sceptical when talking about other form of cryptocurrencies.