Tech investor Peter Thiel talked cryptocurrencies, the potential outcome of the 2020 election, and Silicon Valley's insulated culture during a fireside chat at the Economic Club of New York on Thursday.
Thiel, an early bitcoin investor, predicted there will be one leading future cryptocurrency that will be the digital equivalent of gold. Thiel suggested that, if President Donald Trump runs again, he'd see a positive outcome in the 2020 election. Thiel also chatted candidly about his negative opinions of Silicon Valley, which he described as having a "lemming-like" quality. Tech investor and Facebook board member Peter Thiel chatted on Thursday with journalist Maria Bartiromo during a fireside chat at the Economic Club of New York. Thiel talked about a variety of things, including the viability of cryptocurrencies, the results of the 2020 election if President Donald Trump were to run again, and Silicon Valley's insulated culture. Thiel invested early in bitcoin and said he's "long bitcoin, neutral to skeptical on everything else." "I'm not exactly sure whether or not I would encourage people to turn out and buy these cryptocurrencies right now," he said. In the future, Thiel predicted that there will be one prevailing cryptocurrency that will be viewed as the digital equivalent of gold. "It will most likely be bitcoin," Thiel said, although he hinted at the possibility of ethereum.
Thiel seemed unswayed by the increasing speculation regarding what many feel to be the cryptocurrency bubble. "Any of the objections most people would have to bitcoin are the same objections people would have had to gold," he said. "But money is a bubble that never pops ... and there is this bubble-like aspect to money that can be quite stable."