PayPal’s CEO, Peter Thiel, has argued that being only pro-blockchain was anti-Bitcoin. Thiel was speaking during the Bitcoin 2022 conference that has attracted attention from the entire cryptocurrency community.
Thiel noted that many notable investors, entrepreneurs and bankers were only showing support for blockchain technology while ignoring the benefits that Bitcoin (BTC/USD) as a currency offered.
PayPal’s CEO advocates for Bitcoin
One of the notable investors attacked by Thiel in his speech is Warren Buffet. Thiel said that Buffet was “the sociopathic grandfather of Omaha.” However, Thiel opined that Buffet was a sincere critic of Bitcoin because there was possibly no way that he could give up his investments to focus on Bitcoin.
Thiel said,
And of course, there’s always a sense if you’re a money manager, you want to pretend that it’s complicated to invest. And if all you have to do is buy Bitcoin, that’s ridiculous. All these people are out of business. There’s a version that’s also with gold. They never like gold either, because if all you had to do is own gold, that’s something everybody can do.
Thiel has also termed it illogical for some investors and bankers to support blockchain while opposing Bitcoin. Bitcoin was the first cryptocurrency that integrated blockchain technology to boost transparency and security.
“Pro blockchain is an anti-Bitcoin term. Very typically. So it’s like, I love the blockchain, but not so sure about this. Bitcoin. Don’t need Bitcoin. We can move on to the blockchain. Move along. This is not the currency you’re looking for,” he said.
Gold is still at the top
Over the years, there has been debate over the benefits of Bitcoin over gold. Gold’s market cap is significantly higher than that of Bitcoin because it has been used as a store of value for a long time.
Thiel noted that Bitcoin was the “most honest” and “most efficient” asset. He noted that Bitcoin had witnessed increased growth since inflation levels started increasing, demonstrating the bankruptcy of central banks. He opined that each time the level of inflation spiked, the price of Bitcoin also increased.
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