The German American entrepreneur, venture capitalist, and hedge fund manager, and known globally for founding PayPal, Peter Thiel says that Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency. He was speaking at the Booth School of Business in Illinois, Chicago wherein he discussed entrepreneurship, Bitcoin, and business practices.
Elaborating his point further he said that the Bitcoin payment system is lacking, and it is often used to make illegal transactions, such as to buy heroin. He admitted that until Bitcoin is used to make more legal transactions, he is a bit skeptical. Thiel admitted that he felt that Bitcoin is a product which was founded on the same set of ideas as PayPal.
However, according to him the two have clearly developed in complete opposite directions. There were more than one thousand attendees who listened to this entrepreneur who has transformed the way money is being transformed globally with ease. PayPal has transformed the way international transactions are being carried out today.
Thiel reminded the attendees who included hopeful entrepreneurs that the common myth that all low-hanging fruit (business ideas) have already been picked, ripened, and turned into mash may be true, that there is no such thing. He challenged the attendees saying that there has always been intermediate-hanging fruit, and it is up to us to find it and pick it.
His Statement Expected to Get Support from Supporters and Baiters Alike
He advised to those with profitable intermediate-hanging fruit within their grasps to “seek to establish a business monopoly.” Thiel admitted that monopolies are only bad when they artificially reduce the supply of a particular good, something that he argues corporate behemoths such as PayPal and Apple have not done.
As Thiel says Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency, a lot of stakeholders say that coming from a renowned entrepreneur and venture capitalist, a thought should be given to it. In fact, supporters and detractors of Bitcoin all have supported this statement for different reasons.
Thiel is someone who knows the opportunity well; for instance, in August 2004, he made a $500,000 angel investment in the social network Facebook for 10.2% of the company and joined Facebook’s board, rest is history now. He is not just a venture capitalist but philanthropic activist as well which he carries out with Thiel Foundation
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