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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Saudi Arabia to turn 50 Red Sea islands into luxury tourism resorts ‘not subject to conservative kingdom’s rules’

  • The Kingdom of Saudi Arabia has announced it plans to turn a huge part of its pristine Red Sea coastline into a semi-autonomous luxury beach resort.
  • The 50 islands and 180km (110 miles) stretch of coastline – amounting to an area the size of Belgium –  will be developed to home luxury hotels and other necessary infrastructure which will exist under laws “on par with international standards” in an effort to draw tourists to the country, the government said Tuesday.
  • While 18 million people visited Saudi Arabia from abroad in 2016, almost all foreigners came on pilgrimage to Mecca, rather than to spend time and money soaking up the country’s other sights.
  • Although the Kingdom is home to many archaeological sites, pristine beaches and excellent diving, it’s not thought of as a holiday destination like Egypt’s Red Sea resorts or the city of Petra in Jordan.
  • Nonetheless, the Kingdom’s authorities say the new tourist zone will not necessarily be subject to the laws in place in the rest of the country, and they are working on introducing tourist visas to make it easier for foreigners to visit.

The Kingdom of Saudi Arabia has announced it plans to turn a huge part of its pristine Red Sea coastline into a semi-autonomous luxury beach resort. The 50 islands and 180km (110 miles) stretch of coastline – amounting to an area the size of Belgium –  will be developed to home luxury hotels and other necessary infrastructure which will exist under laws “on par with international standards” in an effort to draw tourists to the country, the government said Tuesday.
Continue reading “Saudi Arabia to turn 50 Red Sea islands into luxury tourism resorts ‘not subject to conservative kingdom’s rules’”