Bitcoin 2022:  “Pro-Blockchain is an Anti-Bitcoin Approach”- PayPal CEO Peter Thiel 

Peter Thiel, the CEO of PayPal, spoke at the Bitcoin 2022 meeting. He claimed that simply being pro-blockchain is essentially anti-bitcoin.

Peter Andreas Thiel, an entrepreneur, investment fund manager, and venture capitalist best known for co-founding Paypal with Elon Musk, stated on April 7 that simply being pro-blockchain is an anti-bitcoin stance in and of itself.

Bitcoin is the future, but…

The Bitcoin 2022 conference, which is taking place in Miami, has provided enough material for discussion. On this occasion, Peter Thiel expressed his thoughts on Bitcoin’s detractors and discussed where he believes Bitcoin will go in the future.

Bitcoin’s journey to global acceptance has not been easy. It has been linked to criminal activity, political anarchy, and financial instability. It has also been targeted by governments and business leaders who have tried to stifle its expansion.

Thiel dubbed Buffett “the psychopathic grandfather of Omaha,” adding that he has been the most serious bitcoin critic since it would be impossible for him to put all of his other assets aside and focus just on the world’s largest cryptocurrency.

“Rat poison squared”

All of the big investors’ negative attitudes toward Bitcoin have been gradually changing. Buffet initially referred to Bitcoin as “rat poison squared,” but after selling a portion of his Visa and Mastercard stock to invest in a bitcoin-friendly neobank in 2022, he changed his mind.

Thiel argued that it is irrational for these investors and bankers to embrace blockchain technology but not bitcoin, the first cryptocurrency to use it to retain a transparent and traceable record of all transactions.

Why gold is more popular than Bitcoin

Since the 1970s, gold has performed admirably as a store of value, owing to the fact that bonds and cash were not particularly valuable at the time, and stocks were regarded as a “bad investment.”

As a result, gold is now worth $12 trillion, while Bitcoin is just shy of a trillion. So, despite the fact that BTC is doing well, Thiel believes that its immediate opponent is the stock market because Bitcoin’s price is still highly correlated with it.

Bitcoin, on the other hand, is “always the most honest market in the world” and even “the most efficient,” as Thiel points out. As a result, it still has a long way to go before reaching Satoshi Nakamoto’s goal of global acceptance.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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