Former PayPal CEO Peter Thiel has expressed skepticism regarding the potential for Bitcoin’s price to surge significantly from its current levels. The billionaire, who retains some Bitcoin but regrets not holding more, is uncertain about where the next wave of buyers will emerge, especially following Bitcoin’s recent ETF introduction.
“I’m not convinced it will see a substantial rise from here. With the ETF now out, I’m unsure who else will be buying,” remarked Thiel, a co-founder of the Founders Fund, during an interview with CNBC on June 28.
Thiel had previously admitted being “underinvested” in Bitcoin back in October 2021, just before the cryptocurrency surged towards its previous all-time high of $69,000, which it reached about three weeks later.
Despite his reservations, Thiel’s Founders Fund has a notable history with Bitcoin, having made its initial investment in 2014 and netting $1.8 billion in profits shortly before the 2022 market crash. In 2023, the fund purchased an additional $100 million in Bitcoin when its price dipped below $30,000.
Thiel also reflected on Bitcoin’s evolution from its original cypherpunk ethos, noting it hasn’t unfolded as anticipated. “That’s what excited me about it initially,” Thiel recalled of his first encounter with Bitcoin.
However, he now believes Bitcoin “doesn’t quite operate that way.” Originally designed as a public, permissionless, and decentralized ledger, Bitcoin’s transactions were not intended to be entirely untraceable like those of Monero and other privacy-focused networks.
Currently, Bitcoin is trading at $60,450, showing a decline of 1.8% over the last 24 hours.
Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon