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Paypal Co-Founder Says ...........Bitcoin is Underestimated, Compares to Gold

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Billionaire venture capitalist and PayPal co-founder Peter Thiel, who as early as 2013, had stated that Bitcoin has the potential to change the world, said that people are underestimating it.

He made the remarks at the Future Investment Initiative in Riyadh, Saudi Arabia, reiterated the potentials and ability of bitcoin to revolutionize the monetary space.

He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. In a speech at the University of Chicago’s Booth School of Business, he stated that unlike PayPal, Bitcoin had actually succeeded in creating a currency.

Fireinthebone gathered that Peter Thiel  one of the early proponents of Bitcoin and as one of the co-founders of PayPal, believes that Bitcoin could be digital gold and take its place as a reserve currency. He compared many of the features of Bitcoin to gold, like its limited supply and that it is mineable.

It's like a reserve form of money, it's like gold and it's just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.

However, Peter wasn't as enthusiastic about other cryptocurrencies. That should be discouraging for altcoin enthusiasts who have ridden the altcoin boom for most part of the year.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. 

While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. 


Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!



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