The billionaire venture capitalist is doubling down on BTC, likening the digital coin to gold’s online equal. Thiel touts the No. 1 cryptocurrency for its size and its ability to compete with gold as a safe haven, saying at the Economic Club of New York. But with the exception of a few digital coins, Thiel remains neutral on the rest of the cryptocurrency pack. He didn’t dismiss the possibility that bitcoin could be surpassed by Ethereum or other altcoins that prey on the leading cryptocurrency’s weaknesses, but bitcoin’s strength is in its size.
Bitcoin controls more than 40% of cryptocurrency market cap compared to almost one-fifth for Ethereum, as per Coin Market Cap data cited in CNBC. The PayPal founder and Facebook’s maiden major investor was clear that the direction he sees bitcoin headed in is as a store of value, not payments, the latter of which he characterized as a “cumbersome” application.