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Cryptocurrency News Articles
Peter Thiel Believes Bitcoin (BTC) Can Still Go Up But It Will Be a Bumpy Ride
Jun 30, 2024 at 01:00 pm
After briefly showing signs of improvement following the first Presidential Debate of 2024, Bitcoin [BTC] has retreated once more.
PayPal co-founder and billionaire venture capitalist Peter Thiel has expressed pessimism about Bitcoin's future price growth potential.
In a recent interview with CNBC, Thiel stated that while Bitcoin can still rise in value, the ride will be "volatile" and "bumpy." He added that he is not sure Bitcoin will go up "that dramatically" from its current price level.
Thiel's comments come despite his company, Founders Fund, making a strategic investment of $100 million in Bitcoin when the cryptocurrency dropped below $30,000 in early 2024. Founders Fund also entered the Bitcoin market in 2014, making a reported $1.8 billion in earnings from selling before the 2022 market decline.
However, Thiel has expressed regret over not capitalizing enough on Bitcoin's 2021 bull run, telling CNBC that he "didn't buy as much as [he] should have."
Despite his pessimism about Bitcoin's future price growth, Thiel's prior views on the cryptocurrency mirror those currently held by MicroStrategy CEO Michael Saylor. Saylor has been a vocal proponent of Bitcoin, describing it as the "cure" to economic ills and urging people to buy the cryptocurrency "as fast as you can."
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