Peter Thiel Doubts Bitcoin’s Dramatic Price Increase

Peter Thiel, former PayPal CEO, expressed skepticism about Bitcoin’s potential for a significant price increase in the future.

• Thiel still owns some Bitcoin but regrets not holding more.
• Uncertainty about future buyers post-ETF edition of Bitcoin.
• Thiel predicts a volatile ride for Bitcoin prices.

Despite his doubts, Thiel’s Founders Fund has a successful history with Bitcoin investments.

• First Bitcoin investment made in 2014 leading to a $1.8 billion profit.
• Additional $100 million Bitcoin purchase in 2023 when prices were below $30,000.

Bitcoin’s Evolution

Thiel laments that Bitcoin hasn’t fully embraced its original cypherpunk ideologies.

• Bitcoin was envisioned as a tool for privacy, decentralization, and anti-government control.
• Thiel questions if Bitcoin truly operates in the intended manner.

Despite the evolution, Bitcoin remains a transparent, decentralized ledger with traceable transactions unlike privacy-focused networks like Monero.

Current Bitcoin price: $60,450 (1.8% decrease in the last 24 hours).