PayPal’s Peter Thiel: ‘Longing’ Bitcoin Is ‘Hedge Against World Falling Apart’
PayPal co-founder Peter Thiel described Bitcoin as
a hedge against the whole world falling apart
in new bullish comments March 15.
Speaking at the Economic Club of New York quoted by CNBC, the Facebook and rumored $20 mln Bitcoin investor said that while he did not foresee Bitcoin fulfilling the role of a currency as yet, its ability to replace gold as a store of value was different.
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.
Bitcoin continues to trade around $8000 this week as continued downward pressure from regulators, Google and Mt. Gox sell-offs unsettle markets.
Thiel, less concerned with short-term price performance, appeared to suggest
Bitcoin rather than shorting it was now key. Despite this, he gave a probability of up to 80 percent the world’s first cryptocurrency would ultimately become worthless.
I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions,
There will be one online equivalent to gold, and the one you'd bet on would be the biggest.
Nonetheless, the now-infamous Bitcoin bull remains on the positive side of cryptoassets, not discounting the possibility that Ethereum or a future alternative could usurp Bitcoin’s number one status.
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