Peter Thiel and his Reign in the Bitcoin Industry

Peter Thiel is an American entrepreneur having a total worth of 2.6 billion. Like many other famous personalities Thiel invested in the bitcoin industry and amassed a large fortune from it.

Recognition with Bitcoin

Peter Thiel is one such personality whose support has helped many organizations like Facebook and LinkedIn to prosper. It is by Thiel’s opinion on the bitcoin industry we can term him as the pragmatic believer of new technologies. Peter feels that bitcoin’s prospects are better for the future in spite of its downfall at the present moment. He is a firm believer in the theory that cryptocurrency would outnumber any other forms of resource.

Read: Buying Bitcoin At Paxful – A Guide From Bitcoin Millionaire

Equivalence with Gold

According to Thiel bitcoin is equivalent to gold stored in electronic vaults. He feels that bitcoin may not turn out to be a good form of payment or mode of transaction but feels that its aesthetic value is comparable to that of gold. Gold cannot be traded in the marketplace for goods but it itself is an item of great value coming at a great price.

Peter Thiel on why People are Investing

He feels that groups of entrepreneurs have shown interest towards cryptocurrencies like bitcoin because it is a reliable source of income. He understands that the general motive to earn money surpasses all others. He is quite aware of the downfall that has cost people their investments and stresses at the point that bitcoin itself cannot be used as a means to earn money. He believes that other cryptocurrencies like blockchain may serve people better.

Disparity with Bill Harris

According to the former CEO of PayPal Bill Harris the bitcoin industry has given plenty of scope to hackers to involve people in scams. Bill said that the bitcoin industry holds enough power to disturb the economic system by incenting hackers to dwell in open public without getting caught. However, a strong dislike towards Harris’s opinion Peter Thiel hints at the brighter prospects of bitcoin.

Is Peter Thiel Correct?

If Peter Thiel himself is a great analyst it would make people smile at his words. His investments in multiple organizations have in turn been a boon for the large firms so it can be assumed if not made certain that bitcoin does have a promising future. However, Peter Thiel remains diplomatic by hinting at the fact that cryptocurrencies may also face severe setbacks if people lose interest. Let us for the time being assume that Peter is correct.