Peter Thiel: If Facebook Scales Blockchain Payments to Over 2 Billion Users, It Will Be Original PayPal Mission


There are few projects more anticipated in the crypto world than the upcoming Facebook coin. Facebook has been acquiring blockchain-related firms, bringing in new talent and apparently, sourcing for over a billion dollars in funding for the upcoming coin and crypto watchers are eager to see any official announcement of the token launching. This is for good reason as if Facebook can successfully bring token payments to its two billion users, the could very well spark the biggest wave of crypto adoption ever seen.

While this project is heavily anticipated and its impact will likely be global, it is not the first time that such an idea has been brought forward as this Facebook token is eerily similar to the vision that Peter Thiel had for PayPal when it first launched in 2002. When PaPal first presented itself to the world and went public in 2002, Peter Thiel had stated that they planned to become the global standard for online payments and while PayPal is globally used, the world Is yet to see the impact of mass use of cryptocurrency.

The Token So Far

Rumors of Facebook going into the cryptocurrency business had been sparked as early as 2017, but it wasn't December 2018 that it was rumored that Facebook was developing a token that could be used on its WhatsApp platform for users to send payments to themselves seamlessly. It is believed that the token will be a stablecoin pegged to the US dollar or any other stable currency.

The amount of anticipation for the token has reached fever pitch, with many thinking it could be announced as early as the next quarter. It has also been very interesting to see the type of talent that has been recruited for the token as various blockchain firms have been taken over in an acquihire as a bid for to Facebook to have access to their talent and many of the people that appeared to be spearheading the project are ex PayPal employees which make sense as this was the initial goal of PayPal.

Then there is the possible involvement of Peter Thiel as board members of public companies have a limit to how much they can influence company strategy and be involved in the day-to-day operations. But this is a unique case as Thiel has always been heavily interested in the seamless sending of funds which was the backbone of PayPal and he's also interested in cryptocurrency. He has reportedly purchased hundreds of millions of Dollars of bitcoin since 2017 and has also invested in a number of blockchain firms. Most notably, he has also said that bitcoin could be a replacement for gold, which in itself is a controversial view.

But one only needs to look at the vision he shared in a Wire interview from 2001 in which talked about a future where money was seamless in its sending.

“Let's say you're in the middle class in Moscow, with a ruble-based bank account and a credit card. Use the card to make payments to a PayPal account and you've effectively opened an offshore account. That's vastly preferable, he suggests, to keeping your wealth in an unstable currency backed by a volatile government,”

he said.

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