Despite the discrepancies in the opinions of the key industry leaders regarding cryptocurrency, PayPal Co-founder Peter Thiel’s belief in Bitcoin has endured.
Peter Thiel was an ardent believer in the power of cryptocurrencies, as evidenced by his interview with Fox in 2017, in which he was quoted saying, “While I am skeptical of most, I do think people are a little bit, maybe underestimating bitcoin specifically. It’s like a reserve form of money; it’s like gold. It’s just a store value.”
He added that BTC is not needed to make payments. There is about $70 billion worth of BTC, whereas there’s $9 trillion worth of gold in the world. He further predicted that if Bitcoin ends up being the cyber equivalent of gold, it will have great potential in that aspect.
Bitcoin’s Foundation
When questioned about Bitcoin’s foundation, Thiel stated that it is based on the security of a map and hence can’t be hacked. He termed BTC a secure asset in an absolute sense. He added that even if gold is a tangible asset, BTC is similar to gold. Drawing parallels between the two, he asserted that gold is difficult to mine, and so is BTC.
Thiel added that BTC is a usual kind of security since it is half anonymous. Peter Thiel recently revealed that he still holds BTC and reiterated his wish to buy more earlier.
Recently, the payment company also announced the integration of its stablecoin, PayPal USD (PYUSD), with Solana Blockchain. PayPal has also teamed up with MoonPay to simplify the process of purchasing cryptocurrencies in a full-fledged effort to enter the crypto space.
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