Former PayPal CEO Peter Thiel has raised doubts that Bitcoin’s (BTC) future price can increase “dramatically” from current price levels.
The billionaire — who still owns “some” Bitcoin but not as much as he “should have” — isn’t sure where the next batch of buyers will come from now that Bitcoin has had its “ETF edition.”
“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, a founder at 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.”
NEW‼️- Billionaire Peter Thiel:
I didn’t buy as much #Bitcoin as I should have. pic.twitter.com/AtklzIw9ME
— Swan (@Swan) June 28, 2024
Thiel previously said he was “underinvested” in Bitcoin back in October, 2021, when the cryptocurrency was rallying towards its previous all-time high of $69,000 set about three weeks later.
However, Thiel’s Founders Fund has a rather impressive history with Bitcoin — having made its first Bitcoin investment in 2014 and profited $1.8 billion shortly before the market collapsed in 2022.
Founders Fund then bought another $100 million in Bitcoin in 2023 when it was trading below $30,000.
Bitcoin isn’t that cypherpunk
Thiel revealed that Bitcoin hasn’t turned out as cypherpunk as he originally envisioned.
“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.”
“That’s what I thought was terrific about it,” Thiel recalled when first coming across Bitcoin.
Related: Fidelity exec says most investors should have some Bitcoin allocation
But he now believes Bitcoin “doesn’t really work that way.”
“When people in the FBI tell me that they’d much rather have criminals use Bitcoin than $100 bills it suggests that maybe it’s not quite working the way it was supposed to.”
However, Bitcoin was designed to be a public, permissionless and decentralized ledger — and transactions weren’t intended to be completely untraceable like Monero and other privacy-focused networks.
Bitcoin is currently trading at $60,450, down 1.8% over the last 24 hours.
Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon
This article was originally published by a cointelegraph.com . Read the Original article here. .
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. BitcoinNews.best does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
