Mr. Thiel: Bitcoin Can Be The New Gold

[shursight]

It is good to hear those kind of words from him, i thought that this kind of people were never going to be positive about bitcoin, but he did. Those are good news, but we should not be so happy because they are comparing bitcoin to gold, and that is something wrong, you can not compare them both because there is nothing common between them.
Bitcoin is digital, and gold is physical and it has been the best source to hold your funds safely for more than centuries, bitcoin has born 9 years ago..

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[hase0278]

Peter Thiel the co-founder of PayPal is convinced that Bitcoin could be digital gold and has the potential to take its place as a reserve currency. He compared many of the features of Bitcoin to gold, like its limited supply and that it is mineable. 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.


Source Here!

This man is speaking from years of wisdom and experience especially being a part of the PayPal success story and now he is one of the many big names who are promoting the advantages of using Bitcoin both as a currency and a store of value. We will see in the coming years if indeed Bitcoin would be playing this role big time as we are now seeing many evidence for a bigger picture along this line. Maybe in the person of Mr. Thiel we are finding a nemesis of Mr. Jamie Dimon who openly criticized Bitcoin as fraud even if his firm's clients are also into it.

Welcome to the new gold standard...the Bitcoin.

It is nice to see that Peter Thiel, the cofounder of PayPal sees bitcoin as the new gold in cryptocurrency. For sure this will somehow help boost the price of bitcoin to a great extent since he has a lot of experience in financial investments. I hope more professionals will trust bitcoin and stop calling it a bubble. I also expect that more countries will start or started to show interest on Bitcoin and to legalize it for faster adoption.

[Yuuto]

Definitely. Bitcoin has the potential to be essentially a safe haven where investors will enter whenever a financial crisis happens. And this is the beauty of bitcoin - the production of bitcoin is completely decentralized and nobody can control it, much like gold.

I believe price will be at least $10k by the year 2020, and potentially more if a global financial crisis strikes.

Seems like we're not the only ones thinking this either, as demonstrated by that article.

[MiningSensei]

Of course that bitcoin has that potential, but we are still on the road, we can not say that bitcoin is going to be the new gold because that is false, there is nothing that can guarantee to see bitcoin at a stable price, it has only been increasing by a lot of money and it is scares investors a lot, so that is why it is so wrong to compare it with gold. You all know that gold has been always the main currency, and all the Money Reserves are Gold based, so there is no way that bitcoin can replace it on this kind of purposes.

[Lucius]

It is possible that one day BTC become reserve currency of the world,and we can say that today is like digital gold.Like always people were fascinated with gold and the situation is the same today.But this is a digital era and golden fever moved to the internet.In the past, people have mined gold,small ordinary people and many got rich.Nowadays there is one new generation which is fascinated with BTC,for most of them BTC is new gold and they will try to get as much as possible until it becomes too expensive or inaccessible.

[aeternus]

It is really interesting to always see the comparisons to gold with bitcoin because in a lot of ways they are very similar but a lot of ways they are so different. Gold is a physical tangible asset and so is backed by that whereas bitcoin is not backed by anything, this is the major difference in my opinion and one that worries me when people try to think of bitcoin as a store of value.

Gold is not backed by anything either, gold is just an element of the periodic table nothing more and nothing less, however its characteristic fits very well the definition we have of money and bitcoin fulfills those characteristics in an even better way that is why bitcoin victory in the long term is assured.

[joinfree]

I agree, but bitcoin can not be compared to gold anyway, it is not the best comparison that you can make becuase they are very different things, no matter what.
Bitcoin is digital, and gold is physical, THIS tells you everything, there is no way to recover your money if bitcoin dissapears, but if you are holding gold, then you can sell it instantly if the price starts to go to an incredibly bearish trend, obviously that bitcoin is being much better at this times.