Ex-PayPal CEO Peter Thiel Questions Bitcoin's Future Growth, Expresses Investment Regret
Summary:
Former PayPal CEO Peter Thiel has questioned the potential for significant future growth in Bitcoin's value and expressed regret at not buying more of the cryptocurrency. Thiel shared his uncertainty about future buyers, particularly after Bitcoin's ETF debut, and anticipated a rough ride ahead for the digital currency. He also expressed disappointment that Bitcoin doesn't wholly align with its original anti-government, cyberpunk vision. Currently, Bitcoin's value stands at $60,450, a 1.8% dip in the past 24 hours.
Peter Thiel, ex-CEO of PayPal, questions whether Bitcoin's (BTC) value will significantly rise from its present level in the near future. Being a Bitcoin holder himself, albeit not as much as he feels he ought to own, Thiel is uncertain about the source of the next wave of buyers, particularly after Bitcoin's ETF debut. As he expressed to CNBC on June 28, he feels the cryptocurrency can still appreciate in value, yet it will encounter a turbulent ride. He confessed regret at not purchasing more Bitcoin.
In the past, especially in October 2021, Thiel expressed that he hadn't invested enough in Bitcoin. At that time, the digital currency was on its way to its then record high of $69,000 set a few weeks later. Remarkably, Thiel's Founders Fund has a commendable history with Bitcoin, with their initial investment in 2014 and earning a profit of $1.8 billion just before the market crash in 2022. The Founders Fund reinvested in Bitcoin, purchasing another $100 million in 2023 when the price was below $30,000.
Thiel also voiced disappointment that Bitcoin hadn't turned out to be as 'cypherpunk' as he had initially envisioned. Though originally attracted to Bitcoin's ideological foundation as a crypto-anarchist, libertarian, and anti-centralized government platform, Thiel now thinks Bitcoin doesn't live up to this vision entirely. He cited a conversation with FBI agents who preferred criminals using Bitcoin over $100 bills, indicating that it might not be operating as intended. Nevertheless, it's worth noting that Bitcoin was designed as a public, open-source, decentralized system—not a completely untraceable technology akin to Monero and other privacy-oriented networks. As it currently stands, Bitcoin is valued at $60,450, a 1.8% decrease from the past 24 hours.
Published At
6/29/2024 4:14:53 AM
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