PayPal co-founder "bitcoin is a hedge against the whole world falling apart"

Peter Thiel, PayPal co-founder, described Bitcoin as “a hedge against the whole world falling apart” in new bullish comment at the Economic Club of New York.

While he did not foresee Bitcoin fulfilling the role of a currency as yet, its ability to replace gold as a store of value was different.

Thiel, less concerned with short-term price performance, appeared to suggest “longing” Bitcoin rather than shorting it was now key.