PayPal Co-founder Says Bitcoin on the Same Scale as Internet

PayPal Co-Founder Peter Thiel has praised Bitcoin, calling it a major invention, like the internet, it is underestimated and the world does not yet know how to unravel it.

In a remark during the Joe Rogan Experience, Peter said the current Bitcoin phase places people in tech stagnation, where “when something just happens,” people do not know how to process it.

He said Bitcoin was a significant invention, like the internet, and that the debate around it is positive. Peter mentioned that Bitcoin was underestimated for its first 11 years.

Peter mentioned that the cryptocurrency grew smoothly for 11 years. Expanding on what he meant by tech stagnation in relation to Bitcoin, he said, “We are in a world where nothing big ever happens, so we had no way of processing it when something pretty big happens.”

He expanded that the internet was big when it was first created, and Bitcoin was similarly significant, on the same scale as the internet.

While mentioning that the world is not prepared for Bitcoin’s vastness, he doubted the readiness of regulators and institutions to adopt and manage Bitcoin’s massive potential.

He noted that Bitcoin might disrupt the status quo and push financial practices to the wall, calling for clarity that could increase its integration into the financial world fully.

Peter’s presence on the Joe Rogan Experience is awakening for the Bitcoin community and a reminder of the vastness of Bitcoin and other cryptocurrencies.

Peter Thiel, an early investor who co-founded PayPal and invested in Facebook, authored the popular book Zero to One. His remark on Bitcoin has raised a genuine concern for the cryptocurrency.

Today, Bitcoin is being adopted globally despite the increasing hindrances it faces from global regulators.

Bitcoin and the US Election

The upcoming US election is likely to gauge the opinions of presidential candidates on cryptocurrency. At the Bitcoin 2024 conference in Nashville, Donald Trump, once a critic of Bitcoin, embraced crypto, suggesting a deeper understanding.

The next election could be influenced by cryptocurrency adoption. Although Biden has expressed concerns about cryptocurrency, there is hope that Vice President Kamala Harris, the Democratic presidential nominee, may soon voice her stance on Bitcoin.

With differing opinions on cryptocurrency, the next US President may need to clarify their position on crypto regulation, which could influence Gen Z voters.