Peter Thiel, the former CEO of PayPal, has expressed skepticism about Bitcoin’s potential for significant price increases from its current levels.
Thiel, who admits he still owns some Bitcoin but not as much as he believes he should have, is uncertain about where the next wave of Bitcoin buyers will come from now that the cryptocurrency has seen the launch of exchange–traded funds (ETFs).
“I’m not sure it’s going to go up dramatically from here. We got the ETF edition, and I don’t know who else buys it,” Thiel, a founder of the Founders Fund, told CNBC on June 28. “It probably still can go up some, but it’s going to be a volatile, bumpy ride.”
In October 2021, when Bitcoin was approaching its all-time high of $69,000, Thiel admitted he was “underinvested” in the cryptocurrency. Despite this, the Founders Fund has a notable history with Bitcoin, having made its first investment in 2014 and later profiting $1.8 billion before the market downturn in 2022. In 2023, the Founders Fund purchased another $100 million worth of Bitcoin when it was trading below $30,000.
Bitcoin’s Cypherpunk Vision Unfulfilled
Thiel also reflected on how Bitcoin has not fully realized its original cypherpunk, crypto–anarchist vision.
“Where I’m less convinced is this question of the ideological founding vision of Bitcoin as a cypherpunk, crypto–anarchist, libertarian, anti–centralized government thing,” Thiel said. “That’s what I thought was terrific about it,” he recalled when he first encountered Bitcoin.
Summary Review: While Thiel acknowledges Bitcoin’s potential for further price increases, he foresees a volatile path ahead and believes the cryptocurrency has not fully lived up to its original revolutionary ideals.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
