Ace Investor Peter Thiel termed Bitcoin as an online equivalent to gold. Speaking at an event in New York, Peter said that “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.”
The billionaire investor said that he was skeptical about Bitcoins replacing the current day fiat currencies. But he was confident about Bitcoin’s ability to replace gold as a safe investment choice. In his speech at the Economic Club if NY, Peter Thiel said that “I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. There will be one online equivalent to gold, and the one you’d bet on would be the biggest.” Peter Thiel appears to be less concerned about the short-term price fluctuations of BTC.
Although bullish about his Bitcoin investments, Thiel said that the chances of BTC becoming worthless are upwards of 50% to 80%. Peter said that “Probability weighted it’s good, and the question of how to time this I’m not going to try to do that precisely..”
But, the investment strategy of Peter Thiel’s Founders Fund says otherwise. The investment fund has been silently amassing Bitcoins over the past few years and is rumored to have invested around USD 15-20 Million in BTC.