Peter Thiel, the former CEO of PayPal, has raised skepticism regarding the possibility of a significant rise in Bitcoin’s price from its current levels. Despite being in possession of “some” Bitcoin, albeit not as much as he believes he should, the billionaire is uncertain about the source of future buyers following Bitcoin’s “ETF edition.”
Expressing his doubts to CNBC on June 28, Thiel, a co-founder of the Founders Fund, questioned the potential for a dramatic increase in Bitcoin’s value at this point. In October 2021, Thiel had admitted to being “underinvested” in Bitcoin as it surged towards its previous all-time high of $69,000, which occurred approximately three weeks later.
Despite his reservations, Thiel’s Founders Fund boasts a commendable track record with Bitcoin. The fund’s initial Bitcoin investment in 2014 yielded a profit of $1.8 billion shortly before the market downturn in 2022. Additionally, the Founders Fund acquired another $100 million worth of Bitcoin in 2023 when its value was below $30,000.
Contrary to his initial expectations, Thiel disclosed that Bitcoin has not evolved as envisaged in the cypherpunk ethos he once envisioned. While initially impressed by Bitcoin’s potential, he acknowledged that it doesn’t function as originally anticipated.
Bitcoin, designed as a public, permissionless, and decentralized ledger, differs from privacy-focused networks like Monero by not offering entirely untraceable transactions. Currently, Bitcoin is trading at $60,450, reflecting a decline of 1.8% over the past 24 hours.
In related news, there are discussions surrounding the emergence of a Bitcoin “supercomputer” and the imminent arrival of BTC DeFi, as highlighted in the magazine feature “Recursive Inscriptions.”