Unocoin: Peter Thiel on Bitcoin

payments investment ethereum cryptocurrency bitcoin

Peter Thiel on Bitcoin

Peter Thiel, the founder of Paypal, a venture capitalist and a godfather to some sorts for Facebook, in an interview with the CNBC has spoken about his views of the world’s largest cryptoasset Bitcoin. According to him, he is betting on Bitcoin because it is the biggest of them all. “I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions,” Thiel says.

However, he has scored a 50 to 80 percent chance that Bitcoin ends up being worthless. Also a 20 to 50 percent chance that it’s values goes even higher.

Thiel has backed the idea that bitcoin could become a long-term storage asset rather than being a go-to asset. He believes that it is the online equivalent to gold. He also revealed that he does not believe in an entirely new payments system as according to him, Bitcoin does not qualify for such use. But for him, it is a hedge of sorts that remains while the whole financial system around the world is falling apart.

Bitcoin has been working fine by dominating around 42 percent of the market capitalisation, followed by Ethereum with just 19 percent. On the notion of other cryptoassets beating Bitcoin in price, Thiel addressed the possibility of cryptos like Ethereum beating Bitcoin. “But, Bitcoin has a much greater appeal in its size. After all, gold continues to be gold as its the main asset class. Maybe it would be beaten by silver but it doesn’t look like happening.”

Founders fund which is run by Thiel, bought $15 million to $20 million of cryptoasset in Bitcoin, which led to Bitcoin rising 9 percent inside 24 hrs of the purchase, earlier this January. Nonetheless, he still doesn’t encourage people to run out right away and buy cryptoassets. Yet, his optimism is restricted only to Bitcoin, not to all crypto-assets.

In October 2016, at the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel said he thinks people are underestimating the potential which Bitcoin holds in the financial market. He has been a long time supporter of Bitcoin, and believes in the speculation of Bitcoin become the digital-gold-safe haven.

With a monster investment and the optimism that Peter Thiel has shown in Bitcoin, it is clear that he is a big fan of the cryptoasset and does see the benefits of investment. He said that Bitcoin is based on the “security of math” which makes it very hard to hack. Hence, it becomes harder to mine than gold which somehow increases its constrained nature.

Although Bitcoin has faced criticism, statements from investors of the stature of Peter Thiel in favour of Bitcoin do represent the high gain opportunities around it. His statements of Bitcoin being the digital gold have surfaced the internet like a storm and inspired many investors to indulge themselves in the mainstream and liquidity of Bitcoin.

Also Read:

Millennials find it easy to invest in Bitcoin than in stocks

Peter Thiel on Bitcoin was originally published in Unocoin on Medium, where people are continuing the conversation by highlighting and responding to this story.

Original article was created by: Unocoin at

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

One more thing you may be interested in:

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
May 23, 2018

What is OmiseGo?

What is OmiseGo?OmiseGO enables financial inclusion and interoperability through the public, decentralized OMG network.OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway.OmiseGO is an open distributed...

From: Unocoin
May 22, 2018

What Factors Are Influencing Blockchain Technology?

What Factors Are Influencing Blockchain Technology?A ‘blockchain’ is a list of blocks which grows continuously based on the amount of information that is added. All the blocks are linked to each other and secured through cryptography. Blockchain technology, which was first introduced in 1991...

From: Unocoin
May 21, 2018

Learning from the crypto-millionaire Alex Saunders

Learning from the crypto-millionaire Alex SaundersBitcoin had hit a peak value of $20,000 sometime towards the end of 2017, following the prediction of 30-year-old multimillionaire Alex Saunders. When bitcoin hit a low of $ 8000, he added that even though the currency hit a low point, it will...

From: Unocoin
May 19, 2018

Delayed deposits of ERC20 tokens

Dear customers, On 18th of May evening, there was been quite a number of deposits (not all of them but many of them) especially the deposits made in ZIL tokens that did not get credited to user accounts. When we contacted our wallet infrastructure provider BitGo (they are the known to be the...

From: Unocoin Administrator
May 16, 2018
May 14, 2018

Millennials find it easy to invest in Bitcoin than in stocks

Millennials find it easy to invest in Bitcoin than in stocksIn 2017, Bitcoin nearly reached a peak value of $20,000 but still remains extremely volatile. In recent days the value of Bitcoin fell below $6000 which scraped more than $100 billion in valuation since February. The overall...

From: Unocoin
Upcoming ICO's
This week overview
Token Name Starts
Acorn Collective (OAK) logo Acorn Collective (OAK) 1 days
Tradelize (TDZ) logo Tradelize (TDZ) 4 days
Scanetchain Token (SWC) logo Scanetchain Token (SWC) 4 days
Kepler (KEP) logo Kepler (KEP) 4 days
Bettium (BETT) logo Bettium (BETT) 7 days
DNN Token (DNN) logo DNN Token (DNN) 7 days
Gimmer (GMR) logo Gimmer (GMR) 7 days
Mint (MNTS) logo Mint (MNTS) 7 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $7639.55 0.67%
Ethereum logo ETH $605.591 0.92%
Ripple logo XRP $0.63489 0.66%
Bitcoin Cash logo BCH $1068.87 0.93%
EOS logo EOS $12.6766 1.77%
Litecoin logo LTC $123.129 0.65%
Stellar logo XLM $0.297391 1.8%
Cardano logo ADA $0.210158 1.51%
Tronix logo TRX $0.0729561 0.45%
IOTA logo IOT $1.53341 0.93%
NEO logo NEO $55.9326 2.84%
DigitalCash logo DASH $346.324 0.87%