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Peter Thiel Believes in the Future of Bitcoin as the Digital Gold of a New Era

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According to CNBC, the former Trump advisor and early Facebook investor, was willing to bet on bitcoin as it is the biggest cryptocurrency, meaning that the digital currency is the strongest of its kind with about 42 percent of the total market share according to CoinMarketCap. Thiel is betting on bitcoin not only for its size but for the possibility that it can become a gold-like asset. On March 8, during a consultation at the Economic Club of New York, Thiel said:

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

However, the financial expert’s optimism does not come without alarm as Thiel stressed, “I’m not sure I would encourage people to run out right now and buy these cryptocurrencies.”

Bitcoin as a Gold-like Asset

Thiel pointed out to the fact that as a means of exchange, bitcoin is too “cumbersome,” but as that it could perfectly act as a store of value. He said that

PayPal’s co-founder revealed that he saw bitcoin as a gold-like asset of some sort that could be easily traded. Thiel stated:

“I’m not talking about a new payments system. It’s like bars of gold in a vault that never move, and it’s a sort of hedge of sorts against the whole world going falling apart.”

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