Saturday, July 20, 2024

Billionaire Predicts Bitcoin Price Will Not See a Significant Increase from Current Levels.

Peter Thiel, the former CEO of PayPal, has voiced skepticism about the likelihood that the price of Bitcoin will rise much above its present levels.

Now that Bitcoin BTC $62,690 has seen its “ETF edition,” the millionaire, who still owns “some” of the cryptocurrency but less than he “should have,” is unsure of where the next wave of buyers will come from.

“I don’t think it will increase that much further on.” Founder of the Founders Fund, Thiel, told CNBC on June 28, “We got the ETF edition, and I don’t know who else buys it.”

It will undoubtedly still rise somewhat, but the journey will be erratic and difficult.

In October 2021, Thiel made a statement indicating that he was “underinvested” in Bitcoin. At the time, the cryptocurrency was heading towards its previous all-time high of $69,000, which was reached approximately three weeks later.

Thiel’s Founders Fund, on the other hand, has a rather remarkable history with Bitcoin; it made its first investment in the cryptocurrency in 2014 and generated $1.8 billion in profit just before the market crashed in 2022.

Founders Fund then purchased an additional $100 million worth of Bitcoin in 2023, when its price was less than $30,000.

Bitcoin isn’t that cipherpunk.

Thiel disclosed that Bitcoin’s development hasn’t gone as cypherpunk as he had anticipated.

The idea that Bitcoin was founded on a cypherpunk, crypto-anarchist, libertarian, and anti-centralized government philosophy is where I’m less convinced.

When Thiel first discovered Bitcoin, he recalled what he felt was amazing about it.

However, he now thinks that’s not how Bitcoin actually operates.

It seems possible that something isn’t entirely operating as intended when FBI agents tell me they’d much rather see criminals use Bitcoin than $100 dollars.

Unlike Monero and other privacy-focused networks, Bitcoin was meant to be a public, permissionless, decentralized ledger; transactions were not meant to be entirely untraceable.

At $60,450, bitcoin is currently trading 1.8% lower than it was a day ago.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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