Peter Thiel: ฿itcoin Will Be The "One Online Equivalent to Gold"

Peter Thiel has once again endorsed ฿itcoin, which he recently argued is tantamount to digital gold. And much like gold, the billionaire co-founder of PayPal conjectures that the cryptocurrency is destined to be a store of value rather than a means of payment.

"It's like bars of gold in a vault that never move," he told a CNBC reporter during a conversation at the Economic Club of New York last week, adding:

"It's sort of hedge of sorts against the whole world falling apart."

He also struck a bullish tone on ฿itcoin in particular -- versus other cryptocurrencies -- suggesting that the largest cryptocurrency by market capitalization will maintain its position.

"There will be one online equivalent to gold," he reportedly claimed, "and the one you'd bet on would be the biggest."

Despite his prediction, Peter Thiel didn't express complete confidence in ฿itcoin, and speculated that there is a 50 to 80 percent chance that it will have no value in the future. Nonetheless, he also noted that on the flip side, there is a 20 to 50 percent chance that it will increase in value.

"Probability weighted, it's good," he told CNBC.

Peter Thiel's investments suggest he may be even more bullish on ฿itcoin than he lets on. As previously reported by CoinDesk in January, Founders Fund, of which Peter Thiel is the co-founder, recently purchased somewhere between $15 to $20 million worth of ฿itcoin across several of its funds. He has also publicly stated that he believes critics are "underestimating" the cryptocurrency.

Twitter CEO, Jack Dorsey says "฿itcoin will be the world’s ‘single currency’ in 10 years."

Twitter CEO, Jack Dorsey has been an active voice in the cryptocurrency community. While he is an influential voice in the world of technology due to his role as the Twitter CEO, he is also the CEO of Square, a mobile payments services company which recently added the ability to buy and sell ฿itcoins on their Square Cash app. In recent interview, Jack Dorsey stated that he holds a firm belief that ฿itcoin will become the global ‘single currency’ in the next ten years.

Jack Dorsey has been an active ฿itcoin advocate in the past and continues to voice support for the cryptocurrency and its future. He gave this statement in an interview with The Times, where he expressed his belief that ฿itcoin is indeed going to become the ‘single currency’--a currency token accepted all around the world.

According to Jack Dorsey, “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be ฿itcoin.” He went on to say that the transition would happen “probably over ten years but it could go faster.”

While Jack Dorsey is among many other eminent names such as Peter Thiel who believe that cryptocurrencies are going to change the world, these latest claims seem rather outlandish. While theoretically, ฿itcoin can become the ‘single currency’ of the world, but going by the way the past few months have been--as prices have been extremely mercurial--falling from $19,000 to $6,000 in a matter of months.

Jack Dorsey has been advocating ฿itcoin for a long time now. In an earlier interview with The Verge, he had stated that ฿itcoin is the ‘next big unlock’ for the world of finance. Jack Dorsey’s Square Cash app too, deals in ฿itcoins now. Square recently released an illustrated children’s book explaining benefits of digital currencies.

Predictions such as these help build a positive sentiment around cryptocurrencies -- and help the prices to rise. It is a very strong statement from a very influential man in the tech world. This statement is very likely to have an impact on ฿itcoin prices in the short run. Cryptocurrency experts have predicted ฿itcoin prices to bounce back later this year and reach a high of as much as $25,000!

Stay tuned for more cryptocurrency news updates.

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Seoul, South Korea is Planning to Launch Its Own Cryptocurrency

The South Korean city of Seoul is developing its own cryptocurrency, the "S-Coin," to be used in city-funded social benefits programs, says its mayor.

Mayor Park Won-soon announced the plan during an interview with CoinDesk Korea last week, where he also revealed that the city will create a fund to support the advancement of blockchain technology and related startups.

"As Seoul is the world's leading city in the field of information & communications, including the 4th Industrial Revolution, I think we should study new technologies such as blockchains," he said.

Like Estonia, which is attempting to apply blockchain technology to all government administrative processes, Park thinks that the "blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system system operated by Seoul City and the provision of youth allowance."

Furthermore, Park indicated that the S-Coin could be used as a payment method for city-funded welfare programs for public employees, young job seekers and citizens helping the environment by saving electricity, water and gas.

To accomplish this, Park said the laws governing cryptocurrencies would need to be changed, adding that "in order to make an S-Coin, we need to prepare legal support and institutional such as bylaws," he said.

Park also said he hopes to foster a blockchain ecosystem, saying:

"I've met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, [the] technology is as advanced as any other country. By creating clusters that will allow blockchain companies to build up, and startups to develop new technologies, we are working to develop and spread blockchain technology around the world."

Stepping back, this scheme is part of a wider blockchain masterplan for Seoul, which the city expects to complete in April. In November of 2017, the city of Seoul hired Samsung SDS to help it establish an Information Strategy Plan (ISP) for blockchain-based municipal innovation. It is the first city in Korea to create a roadmap for introducing the blockchain.

Regarding the Korean government's strong regulatory policy on cryptocurrency, Park said, "The last time the Ministry of Justice announced regulatory measures, there was tremendous resistance, and the government seemed to think deeply about it." He added that it is "the local government's task to create cases and models."

If the Seoul government can relax certain regulations, it could become easier to pursue these models, he suggested.

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