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Peter Thiel, PayPal co-founder and billionaire venture capitalist, has always been a Bitcoin supporter. This week, at the Future Investment Initiative in Riyadh, Saudi Arabia, he said the potential of Bitcoin is bigger than people think. “People underestimate bitcoin”.

Already in 2013, Thiel said the most famous digital currency had the potential to change the world. As somebody who clearly knows about Internet payments and money, he recognized the ability of Bitcoin to change the monetary space forever.

Peter Thiel has always said that monetary sovereignty’s time is limited and encrypted money will be the future. Now he added that digital currencies (specifically Bitcoin), could take gold’s place as a reserve currency.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

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