Is Bitcoin the Gold Standard in Cryptocurrency? Anytime a company is the first to market with a favorite product or the most significant player in an emerging industry; it already has a significant edge over the competition. When it comes to blockchain technology and the world of cryptocurrency, Bitcoin has already created that edge. See how many real money gambling gurus are calling Bitcoin The “Digital Gold” Virtual Currency.
Even consumers uneducated to the intricacies of the emerging digital currency industry and virtual money transactions recognize Bitcoin as the leader in the marketplace. In a recent report by Annaliese Milano at Coindesk.com, she writes a very interesting piece about Peter Thiel’s take on the cryptocurrency industry. He is the Co-Founder of PayPal with an estimated worth in the billions.
He recently endorsed BTC digital currency as the equivalent to gold when it comes to its place in the virtual currency marketplace. This ‘digital gold’ will take its place as the ‘store of value’ rather than a primary means of payment. In a direct quote to a CNBC reporter at the Economic Club of New York earlier this month, Thiel stated, “It’s like bars of gold in a vault that never move.”
He also added in that conversation when talking about the role Bitcoin does play in this industry, “Its sort of a hedge of sorts against the whole world falling apart.” As Bitcoin pertains to its place in the current cryptocurrency marketplace, he went on to say, “There will be one online equivalent to gold, and the one you’d bet on would be the biggest.” He also suggested that this digital currency as the largest player in the market would maintain its leadership role.
Even with this endorsement, Thiel eluded to the fact that ‘betting on Bitcoin’ comes with a certain amount of inherent risk. The numbers used in the recent discussion suggest that there is a 50 to 80 percent chance that Bitcoin will not carry its value into the future. Hedging this bet, he suggested that there is a 20 to 50 percent chance that the value of bitcoin currency does increase.
Included in this article is the idea that Thiel’s actual investments point to a very bullish view of Bitcoin’s future value. Back in January of this year, Coindesk reported that his Founders Fund recently purchased between $15 to $20 million worth of bitcoin across several investment platforms. He has also publicly stated that the naysayers and critics of the cryptocurrency industry are “underestimating” Bitcoin’s true value.
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The report did not mention Thiel’s take on other emerging cryptocurrencies such as Altcoin when it comes to their place in this industry. The fact that he suggested that only one will become the Gold Standard indicates that he may not be bullish on their value as alternative investments.
Bitcoin has already established itself as the digital currency of choice in the online real money gambling industry. Most of today’s top online real money casino sites offer the option of using bitcoins for funding betting accounts and request withdrawals. This trend continues to grow in popularity with each passing year.