In a recent interview with CNBC, billionaire and former PayPal CEO Peter Thiel shared his skepticism about Bitcoin’s potential for significant price appreciation from its current levels. Despite being an early investor in the cryptocurrency, Thiel believes the next phase of Bitcoin’s growth may be more limited.”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 told CNBC on June 28, 2024. He suggested that Bitcoin’s price will likely see “a volatile, bumpy ride” going forward, rather than a dramatic increase.
Thiel’s History with Bitcoin Investments
Thiel’s Founders Fund has a long history of profitable Bitcoin investments, having made its first investment in 2014 and later profiting $1.8 billion shortly before the market collapse in 2022. The firm then bought another $100 million in Bitcoin in 2023 when the price was below $30,000.However, Thiel revealed that Bitcoin hasn’t lived up to his original “cypherpunk, crypto-anarchist, libertarian, anti-centralized government” vision. He noted that the fact law enforcement agencies like the FBI would prefer criminals to use Bitcoin over physical cash suggests the cryptocurrency “doesn’t really work that way.”
Diverse Perspectives on Bitcoin’s Future
Despite Thiel’s reservations, many experts remain bullish on Bitcoin’s long-term prospects. A Fidelity executive recently stated that most investors should have some Bitcoin allocation in their portfolios. Additionally, the industry is anticipating the arrival of “Bitcoin supercomputer” and BTC DeFi developments in the near future.As the cryptocurrency market continues to evolve, investors will closely watch how Bitcoin’s price and adoption trends unfold, taking into account diverse perspectives from influential figures like Peter Thiel.
