Venture capitalist, businessman Peter Thiel Expressed an opinion Bitcoin He discussed technological innovation in a recent episode, The Joe Rogan Experience Podcast It aired on Friday.
what happened: “Bitcoin was a big invention. Whether it was good or bad is up for debate, but it was a pretty big deal, and it was systematically undervalued for at least the first 10 to 11 years,” Thiel said in the podcast. He used virtual currencies as an example to argue for artificial intelligence, a technology that has seen slow progress in the face of polarizing opinions.
Bitcoin has traded and risen steadily over the last 10 to 11 years, but the price didn’t rise all at once, he said, adding: “We live in a world where nothing big happens, so when something pretty big does happen, we have no way of processing it.”
of Palantir and PayPal The co-founder believes that the Internet was a very big innovation in 1999, while Bitcoin was of medium size.
He added that it would be really big for an AI to pass the Turing test on a scale similar to the internet, a simple method of investigation in artificial intelligence to determine whether a computer can think like a human.
See also: How to buy Bitcoin (BTC)
Why is this important: Thiel may have called Bitcoin a “moderately large” innovation, but the innovation, which was invented in 2008 and began being used as a currency in 2009, has yet to see mass adoption or mainstream acceptance.
Cryptocurrencies and their ilk offer several benefits, including decentralization, anti-inflation through supply management, low transaction costs, and security. Scandals involving cryptocurrencies and cryptocurrency-related companies, government regulation, vulnerability to internet fraud, and a lack of inherent value are all obstacles to widespread adoption.
That said, cryptocurrencies are heavily traded as speculative assets, with Bitcoin being one of the best-performing financial assets in 2023, outperforming the stock market.
Founded by Thiel Founders FundThe venture capital firm has reportedly invested $200 million in both Bitcoin and Bitcoin cryptocurrencies. Ethereum Late summer to early fall of 2023.
So far this year, Bitcoin has risen more than 38% compared to the S&P 500 index, which has risen about 16.5%. At last check, Bitcoin was trading at $58,465.96, down 1.78%, according to data from Benzinga Pro.
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