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RE: Billionaire Peter Thiel: "Bitcoin's Harder To Mine Than Gold... Has Great Potential"
Over the long term, crypto oil (Ethereum) will have greater tangible, transferrable value than crypto gold (Bitcoin). It's the added layer of abstraction for more traditional units of value, backed by math instead of faith in governments, that offers the real promise.
But we've just started on the growth curve for all crypto, despite the many currencies that will fail. Most startups fail. Most businesses, nations, and human relationships fail in countless ways daily. The market as a whole will continue forward, as long as we keep innovating.
Bitcoin is as much crypto oil as is ETH is, You use it to pay your transaction fees.
Sure, bitcoin can be used to pay transaction fees, but it's mostly failed as a functional digital currency. It's soaring as a store of value (like digital gold).
ETH on the other hand is backed by everything that can be developed on the Ethereum platform. It mimics how the usefulness of oil extends far beyond how it's traded or used as a store of value.
The power of oil is found in the nearly endless number of ways we depend on its use. From plastics to fuel, and everything in between.
ETH / Ethereum has a much better claim to the idea of "digital oil" than bitcoin does.