When someone like Peter Thiel says positive things about Bitcoin and thinks more people should seriously consider it as a valuable commodity, then it is worth listening! Speaking in Riyadh, Saudi Arabia where he was attending a Future Investment conference, Thiel spoke about Bitcoin and the high-esteem he appears to hold it in.
Bitcoin could end up like gold
One of the most startling points made by Thiel in his speech was the comparison of Bitcoin to the classic safe-haven commodity, Gold. He likened the cryptocurrency to Gold as it is a reserve form of money in a similar way. Although people may not use Bitcoin for paying for everyday items, Thiel thought it had great interest as something valuable to store and use when needed. Thiel also made the point that the technology Bitcoin is based on is very secure which means it cannot be hacked into. This alone makes it a very tempting currency to use for investors as they know their money is safe.
Thiel was scathing about other cryptocurrencies
In his speech, Peter Thiel was as scathing about other cryptocurrencies as he was glowing about Bitcoin. Stating that "I'm skeptical of most of them", he seemed to indicate that Bitcoin was the one he expected to hold its value most. The market would certainly seem to back this assertion up with the rally it has seen this year of around 500%.
With the proposed upcoming split in Bitcoin to allow for updates to its underlying Blockchain network technology, it seems that the cryptocurrency will only continue its current fine run. Comments such as the above from a respected industry figure like Peter Thiel will only help this process and should see Bitcoin retain its status as the premier cryptocurrency. Many Bitcoin investors and miners will naturally be hoping this is the case!