Former PayPal CEO Peter Thiel has voiced skepticism about the potential for Bitcoin to see significant price increases from its current levels. The billionaire, who still holds “some” Bitcoin but regrets not having more, expressed uncertainty about future demand now that Bitcoin has launched its ETF.
“I’m not convinced it will see a dramatic rise from here. We’ve had the ETF launch, and I’m unsure who else will be buying it,” Thiel, a founder of the Founders Fund, shared with CNBC on June 28th.
Thiel had previously acknowledged being “underinvested” in Bitcoin back in October 2021, just before the cryptocurrency surged towards its previous all-time high of $69,000, which it hit roughly three weeks later.
Nevertheless, Thiel’s Founders Fund has a notable track record with Bitcoin, having initially invested in 2014 and later profiting $1.8 billion shortly before the market downturn in 2022. In 2023, Founders Fund purchased an additional $100 million worth of Bitcoin when its price dipped below $30,000.
Thiel also noted that Bitcoin hasn’t fulfilled its original cypherpunk vision as he first perceived. “That’s what initially excited me about it,” Thiel recalled.
Bitcoin was designed to operate as a public, permissionless, and decentralized ledger, distinct from privacy-focused networks like Monero where transactions are more anonymous.
Currently, Bitcoin is trading at $60,450, showing a 1.8% decline over the last 24 hours.
In other news, developments in Bitcoin include the emergence of a ‘supercomputer’ and the advent of BTC DeFi, according to recent publications.