Some industry leaders are warning potential investors about the bubble Bitcoin is and some predicting that it is all set to be the thing of the future. Paypal co founder Peter Thiel believes, the cryptocurrency has great potential to become the cyber equivalent of Gold in the future.
Just recently, Warren Buffett warned investors about Bitcoin calling it “Real Bubble“. Paypal co-founder thinks otherwise. He believes Bitcoin critics are underestimating its great potential.
With all Advices floated for and against Bitcoin, the truth is Bitcoin’s price has increased nearly 800% in the last year and is currently trading slightly below $6,000.
“If bitcoin ends up being the cyber equivalent of gold it has a great potential left,” he said, “Bitcoin is mineable like gold, it’s hard to mine, it’s actually harder to mine than gold. And so in that sense it’s more constrained,”.
Insured his thoughts while giving an interview to Fox Business Network. He believes that Bitcoin has a definite future but he is skeptical about the fate of other cryptocurrencies.
“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. You don’t need to use it to make payments,” Thiel said.
Via: Crypto Coins News