Peter Thiel, the billionaire co-founder of PayPal, believes that critics of bitcoin are "underestimating" the cryptocurrency.
In remarks made on the third day of the Financial Investment Initiative summit in Saudi Arabia, Thiel said that while he is "skeptical of most [cryptocurrencies]," he believes bitcoin has a promising future depending on the trajectory it takes, according to CNBC.
Speaking with Fox Business Network anchor Maria Bartiromo, Thiel said that those criticizing bitcoin are "underestimating [it] especially because ... it's like a reserve form of money, it's like gold, and it's just a store of value. You don't need to use it to make payments."
He went on to say:
"If bitcoin ends up being the cyber equivalent of gold it has a great potential left."