The billionaire venture capitalist is doubling down on BTC, likening the digital coin to golds online equal.
Thiel touts the No. 1 cryptocurrency for its size and its ability to compete with gold as a safe haven, saying at the Economic Club of New York:
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 youd bet on would be the biggest, said Thiel.
But with the exception of a few digital coins, Thiel remains neutral on the rest of the cryptocurrency pack. He didnt dismiss the possibility that bitcoin could be surpassed by Ethereum or other altcoins that prey on the leading cryptocurrencys weaknesses, but bitcoins strength is in its size.
Bitcoin controls more than 40% of cryptocurrency market cap compared to almost one-fifth for Ethereum, as per Coin Market Cap data cited in CNBC.
Bitcoin is indirectly Digital gold, not digital money, because money is a means of payment, while Bitcoin is sold in order to earn money. Thiel touts the No. 1 cryptocurrency for its size and its ability to compete with gold as a safe haven, saying at the Economic Club of New York:
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 youd bet on would be the biggest, said Thiel.
But with the exception of a few digital coins, Thiel remains neutral on the rest of the cryptocurrency pack. He didnt dismiss the possibility that bitcoin could be surpassed by Ethereum or other altcoins that prey on the leading cryptocurrencys weaknesses, but bitcoins strength is in its size.
Bitcoin controls more than 40% of cryptocurrency market cap compared to almost one-fifth for Ethereum, as per Coin Market Cap data cited in CNBC.
The other thing also bitcoin can be used to pay something but now its not much we can buy with bitcoin.
In the future when bitcoin can be spread more wider so on that time bitcoin maybe will be used more as currency too.