Bitcoin Investor Peter Thiel Believes Bitcoin Will Be Internet Equivalent Of Gold.

The PayPal co-founder Peter Thiel believes that Bitcoin has the possibility of becoming gold-like safe haven. He compared bitcoin to a digital version of gold and argued that the quest to amass money “is the bubble that never pops.”

During a conversation at the Economic Club of New York on Thursday Thiel mentioned:

“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.”

Thiel is known to be as the first investors in Facebook, who has backed the idea of bitcoin becoming a store of value instead of a currency for online transactions.

“I’m not talking about a new payments system. 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,” he added.

His comments could help revive bitcoin prices, which fell below $8,000 on Thursday to as low as $7,682 – its worst level in nearly five weeks.

Technical traders warn that bitcoin is showing a “death cross” and any further weakness in the cryptocurrency could wipe out nearly three-fourth of its value.

Since the mid of 2017, Thiel has purchased $15 million to $20 million worth of cryptocurrencies, the Wall Street Journal reports.

But his optimism did not extend to all digital currencies, for example Ethereum.