Bitcoin price will "no longer rise dramatically" – Peter Thiel sees no future for BTC
Peter Thiel criticizes that Bitcoin hasn't developed towards Cypherpunk as originally thought.
Former PayPal CEO Peter Thiel has expressed doubts that the Bitcoin (BTC) price will rise significantly from its current level in the future.
The billionaire – who still owns "some" Bitcoin, but not as much as he "should have" – isn't sure where new buyers will come from now that Bitcoin already has an "ETF edition".
https://twitter.com/Swan/status/1806797074093981855?ref_src=twsrc%5Etfw
"I'm not sure if it will go dramatically up from here. We have the ETF edition, and I don't know who else will buy in the future," Thiel, a founder of Founders Fund, told CNBC on June 28.
"It can probably still rise a bit, but it will be a volatile, bumpy ride."
Thiel previously said he was "underinvested" in Bitcoin in October 2021, when the leading cryptocurrency was moving towards its all-time high of $69,000, reached about three weeks later.
However, Thiel's Founders Fund has a pretty impressive history with Bitcoin, making its first Bitcoin investment in 2014 and realizing a $1.8 billion profit shortly before the market collapsed in 2022.
The Founders Fund then bought another $100 million in Bitcoin in 2023 when it was trading below $30,000.
Bitcoin no longer Cypherpunk?
Thiel revealed that Bitcoin hasn't developed as much towards Cypherpunk as he originally envisioned.
"Where I'm less convinced is the question of Bitcoin's ideological founding vision as a cypherpunk, crypto-anarchism, libertarianism, anti-government thing." 🏴☠️🗽
"That's what I thought was so great about it," Thiel recalled about Bitcoin's early days. 🌟🕰️
But now he thinks that Bitcoin "doesn't really work like that".
#bitcoin #btc #crypto #invest #bitnewstoday #exchange
BitnewsToday
npub1x6…cgw7r
2024-06-30 07:55:04
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2024-06-30 07:55:04Event JSON
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"content": "Bitcoin price will \"no longer rise dramatically\" – Peter Thiel sees no future for BTC\n\nPeter Thiel criticizes that Bitcoin hasn't developed towards Cypherpunk as originally thought. \n\nFormer PayPal CEO Peter Thiel has expressed doubts that the Bitcoin (BTC) price will rise significantly from its current level in the future. \n\nThe billionaire – who still owns \"some\" Bitcoin, but not as much as he \"should have\" – isn't sure where new buyers will come from now that Bitcoin already has an \"ETF edition\". \n\nhttps://twitter.com/Swan/status/1806797074093981855?ref_src=twsrc%5Etfw\n\n\"I'm not sure if it will go dramatically up from here. We have the ETF edition, and I don't know who else will buy in the future,\" Thiel, a founder of Founders Fund, told CNBC on June 28. \n\n\"It can probably still rise a bit, but it will be a volatile, bumpy ride.\" \n\nThiel previously said he was \"underinvested\" in Bitcoin in October 2021, when the leading cryptocurrency was moving towards its all-time high of $69,000, reached about three weeks later. \n\nHowever, Thiel's Founders Fund has a pretty impressive history with Bitcoin, making its first Bitcoin investment in 2014 and realizing a $1.8 billion profit shortly before the market collapsed in 2022. \n\nThe Founders Fund then bought another $100 million in Bitcoin in 2023 when it was trading below $30,000. \nBitcoin no longer Cypherpunk? \n\nThiel revealed that Bitcoin hasn't developed as much towards Cypherpunk as he originally envisioned. \n\n\"Where I'm less convinced is the question of Bitcoin's ideological founding vision as a cypherpunk, crypto-anarchism, libertarianism, anti-government thing.\" 🏴☠️🗽\n\n\"That's what I thought was so great about it,\" Thiel recalled about Bitcoin's early days. 🌟🕰️\n\nBut now he thinks that Bitcoin \"doesn't really work like that\". \n\n#bitcoin #btc #crypto #invest #bitnewstoday #exchange",
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