Former PayPal CEO Peter Thiel expressed skepticism about the possibility of a significant rise in Bitcoin prices from current levels.
The billionaire still holds Bitcoin, though “not as much as I probably should.” Now that Bitcoin has ETFs, he is unsure where the next wave of buyers will come from.
“I’m not sure the price will go up dramatically from here. We’ve already had the ETF launch, but I don’t know who else is going to buy it,” Thiel, founder of Founders Fund, told CNBC in an interview on October 28th.
Prices may still rise a bit, but it will be a volatile and bumpy process.
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Blue is before that
mention
, That is ”
Underinvestment
In October 2021, Bitcoin prices hit a historic high of $69,000.
However, Founders Fund, under Thiel’s guidance, has an exceptional track record:
Bitcoin
First invested in cryptocurrency in 2014 and earned $2 billion before the market crash in 2018.
Subsequently, the fund purchased an additional $3 billion in BTC when prices fell below $10,000 in 2020 and 2023.
I’m not too sure about the ideological basis of Bitcoin’s vision — a crazy, cryptographic anarchy, libertarian and decentralized movement.
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”
That’s what I think is great about it
,” Thiel recalls his initial introduction to Bitcoin.
However, he now believes Bitcoin is “not quite as advertised.”
When FBI agents tell me they would rather criminals use Bitcoin than $100 bills, it suggests its role may not be as expected.
Bitcoin was designed as a public, decentralized ledger, and its transactions have never been as untraceable as those on networks like
Monero
and other privacy-focused networks.
At the time of writing, the Bitcoin trading price is $61,034, down 24% in the past hour.
