Former PayPal CEO Peter Thiel has cast doubt on the potential for Bitcoin’s price to surge significantly from its current levels.
The billionaire, who admits to holding “some” Bitcoin but laments not having acquired more, questions the future demand for the cryptocurrency following the recent introduction of Bitcoin ETFs.
“I’m not sure it’s going to go up that dramatically from here.
“We got the ETF edition, and I don’t know who else buys it,” Thiel commented to CNBC on June 28.
Despite his reservations, he acknowledged that Bitcoin might still see some appreciation but warned of a volatile journey ahead.
Thiel’s skepticism contrasts with his earlier admission of being “underinvested” in Bitcoin in October 2021, just before it surged to its previous peak of $69,000.
His investment firm, Founders Fund, however, boasts a profitable history with Bitcoin, having first invested in 2014 and reaping $1.8 billion shortly before the 2022 market downturn.
In 2023, despite market challenges, Founders Fund doubled down with a $100 million Bitcoin purchase when prices dipped below $30,000.
READ MORE: Potential U.S. Spot Solana ETFs Could Skyrocket SOL Price by Ninefold, GSR Markets Predicts
Thiel’s initial enthusiasm for Bitcoin was rooted in its potential as a cypherpunk, anti-establishment tool. Reflecting on his early impressions, he noted, “That’s what I thought was terrific about it.”
However, he now believes Bitcoin hasn’t fulfilled its original vision, citing comments from law enforcement officials who prefer Bitcoin over cash for tracking purposes.
“While I initially saw Bitcoin as a cypherpunk, crypto-anarchist, libertarian, anti-centralized government thing,” Thiel remarked, “it doesn’t really work that way.”
Bitcoin, designed as a public, permissionless, and decentralized ledger, contrasts with truly anonymous cryptocurrencies like Monero.
Despite its fluctuations, Bitcoin currently trades at $60,450, showing a slight decline of 1.8% over the past 24 hours.
Thiel’s assessment reflects a nuanced view of Bitcoin’s evolution and challenges, suggesting ongoing uncertainty about its future trajectory despite its continued presence in investment circles.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
