Silicon Valley venture capital godfather Peter Tell continued to be bullish on Bitcoin thinking it would replace gold

Tue Mar 20 10:54:39 CST 2018

Peter Thiel, Silicon Valley venture capitalist godfather, Facebook investor and co-founder of PayPal, recently shared his views on Bitcoin at the New York Economic Club and explained why he is more confident with Bitcoin. He said that Bitcoin is likely to become a safe haven for investors, similar to the digital era of gold: "Some people suspect that Bitcoin has a value storage function, and I think it will replace gold."

Peter Tell also pointed out that paying bitcoins in everyday life is too much trouble. Instead, he sees the world’s first cryptocurrency as a “hedging” and believes it will not bring about the systematic risks of traditional financial instruments. He explained: "I'm not talking about a new payment method. It's too much trouble paying bitcoins in everyday life. For example, it's like a gold bar that never moves in a vault, like a hedge against the global market. "And added that where gold attracts investors, Bitcoin is also available. In addition, many people's negative comments on Bitcoin also apply to gold: "This strange currency is not supported by any government, and gold is the same."

Peter Tyr was also skeptical about the current blockbuster “blockchain rather than Bitcoin” often mentioned. He said: “I’m bullish on Bitcoin. With some exceptions, I’m There is a skepticism or neutrality in any of the claims.” But he also acknowledged that Bitcoin has similarities with the Internet bubble in the late 1990s and explained that the cryptocurrency sector is simply “a fierce contrarian move”. Because unlike the Internet age, there are no Wall Street analysts and banks to promote and promote this technology.

When asked why he is supporting Bitcoin instead of other cryptocurrencies, Peter Tell emphasized that he believes that there will be only one cryptocurrency that will be equivalent to "gold equivalent." Other currencies also have the potential to catch up. Sex. When asked if prices would continue to fall if he would buy more bitcoins, the PayPal co-founder explained that he is a long-term investor, not a short-term investment: “There is a 50% to 80% chance, Bitcoin will eventually become worthless; there is also a 20% to 50% chance that its value will rise substantially. Probability weighted, so good.