Personally, I do not want to get carried away by Peter Thiel's grand statement. Statements like his are one of the reasons why the general public do not take bitcoin and cryptocurrencies seriously. Since Peter Thiel is a man of influence, I wish that he tempers his statements and ground it in reality a bit. He should provide some disclaimers and put a reasonable perspective in his declarations. He should stop making any grandiose statements to razzle-dazzle his audience and drum up the value of his investment in bitcoin. I agree that bitcoin can be a good store of value as of this time, but bitcoin is very volatile and it could easily wipe your wealth out when the value plunges. It can be a hedge for shoring up your wealth in times of turmoil, but hardly a safe hedge. Should the price of gold get to zero for example, you can still turn it into jewelry and there are lots of technological applications for it. Bitcoin on the other may be a good store of value but not much else beyond that.
Mr. Thiel is actually doing a diservice to bitcoin and the crypto community in general with his statements. In the spirit of Satoshi Nakamoto (or the team behind bitcoin), I do not believe that the blockchain was created as an asset or a hedge in times of turmoil. It is a tool, a ticket for everyone to get out of the oppressive thumb of the central bankers and corporate giants who are currently running the show, forever burying us in mountains and mountains of debt. It is time for us to grab that ticket and drag ourselves back to real freedom.
Topic: [2018-03-16] - PayPal : Bitcoin Is ‘Hedge Against World Falling Apart’ (Read 137 times)
March 17, 2018, 02:17:29 AM
March 16, 2018, 02:51:10 PM
Bitcoin is not an investment tool for me per se. I am using it to disconnect myself from this system mainly, and that gives me such an incredible feeling of power. For the first ever time I can store value without needing anything physical such as precious metals for example. One could hide billions of dollars, and that without anyone noticing, which is incredible. Try holding billions of dollars worth of gold.... It's impossible to hide or move effortlessly. On top of that, in most cases people store their precious metals in bank vaults, which basically means that they don't actually own the gold. If the bank gets robbed or something, your value is only insured up to a certain amount, and when your value rises far above that, you'll be hating yourself for sure. Bitcoin will keep gaining traction as store of value.
March 16, 2018, 01:58:47 PM
https://cointelegraph.com/news/paypals-peter-thiel-longing-bitcoin-is-hedge-against-world-falling-apart
PayPal co-founder Peter Thiel described Bitcoin as “a hedge against the whole world falling apart” in new bullish comments March 15.
Speaking at the Economic Club of New York quoted by CNBC, the Facebook and rumored $20 mln Bitcoin investor said that while he did not foresee Bitcoin fulfilling the role of a currency as yet, its ability to replace gold as a store of value was different.
“I'm not talking about a new payments system,” he said
“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.”
Bitcoin continues to trade around $8000 this week as continued downward pressure from regulators, Google and Mt. Gox sell-offs unsettle markets.
How do you see it?
PayPal co-founder Peter Thiel described Bitcoin as “a hedge against the whole world falling apart” in new bullish comments March 15.
Speaking at the Economic Club of New York quoted by CNBC, the Facebook and rumored $20 mln Bitcoin investor said that while he did not foresee Bitcoin fulfilling the role of a currency as yet, its ability to replace gold as a store of value was different.
“I'm not talking about a new payments system,” he said
“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.”
Bitcoin continues to trade around $8000 this week as continued downward pressure from regulators, Google and Mt. Gox sell-offs unsettle markets.
How do you see it?
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