People are ‘underestimating’ the ‘great potential’ of bitcoin, billionaire Peter Thiel says

People are 'underestimating' the 'great potential' of bitcoin, billionaire Peter Thiel says

  • People are “underestimating” bitcoin and it has “great potential left,” billionaire investor Peter Thiel said on Thursday.
  • Speaking at the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel compared the cryptocurrency bitcoin to gold.
  • “I’m skeptical of most of them (cryptocurrencies), I do think people are a little bit … underestimating bitcoin especially because … 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.”
  • Thiel said that bitcoin is based on the “security of the math” which means it can’t be hacked and it’s secure.

Peter Thiel said he is “skeptical” of most cryptocurrencies except bitcoin.
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