Thiel: “Bitcoin is a hedge against the whole world falling apart”

Peter Thiel, the co-founder of PayPal, described Bitcoin as “a hedge against the whole world falling apart” on March 15.

He spoke at the Economic Club of New York saying that while he does not see Bitcoin fulfilling its role as a currency, its ability to replace gold as a store of value was different quoted by CNBC.

He said:

“I’m not talking about a new payments system […] It’s like bars of gold in a vault that never move, and it’s a sort of hedge of sorts against the whole world going falling apart.”

Regulators’ pressure, Google ban and Mt. Gox sell-offs are continually driving Bitcoin prices around $8000.

Thiel appeared to suggest “longing” Bitcoin rather than shorting it was now key. Despite this, he assigned 80% probability to the fact that Bitcoin would ultimately become worthless.

“I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions,” he continued. “There will be one online equivalent to gold, and the one you’d bet on would be the biggest.”

All in all, Bitcoin bull remains on the positive side of crypto assets, with the possibility of Ethereum or another alternative to gain from its status to be visible.

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