What’s Going On?
The billionaire co-founder of PayPal and early Facebook investor gave Bitcoin another public boost.
Why Does It Matter?
Thiel told CNBC reporters that Bitcoin was “a sort of hedge of sorts against the whole world falling apart”.
He continued: “There will be one online equivalent to gold and the one you’d bet on would be the biggest. I’m not talking about a new payments system. It’s like bars of gold in a vault that never move.” Thiel speculated that there is a 50 to 80 percent chance that it will have no value in the future, but equally, a 20 to 50 percent chance that it will increase in value. “Probability weighted, it’s good,” he said.
How Is Thiel Involved In Crypto-Currencies?
According to CoinDesk, Thiel’s Founders Fund recently purchased between $15 million to $20 million worth of Bitcoin across several of its funds. At a conference in October, Thiel said people are “underestimating” the digital currency.