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Billionaire Peter Thiel Voices Skepticism On Bitcoin's Future Growth: 'I'm Not Sure It's Going To Go Up That Dramatically'

Aniket Verma
July 01, 2024

Tech billionaire Peter Thiel has voiced doubts about Bitcoin’s (CRYPTO: BTC) capacity for significant price growth while also expressing regret for not purchasing more of the cryptocurrency.

What Happened: Thiel, who co-founded payments giant PayPal and the Founders Fund, expressed skepticism about King Crypto’s price potential during a recent CNBC interview, saying, “I’m not sure it’s going to go up that dramatically from here. We got the ETF edition, and I don’t know who else buys it.”

Thiel, who still holds some Bitcoin, expressed regret for not purchasing more of the digital currency. “I didn’t buy as much as I should have,” the entrepreneur remarked.

See Also: Cathie Wood’s Ark Invest Acquires $7.3M Worth Of Shares In This Promising Netflix Competitor, Sells Off Coinbase Stock Amid Bitcoin Slump

Thiel also noted that Bitcoin hasn’t fulfilled its original vision as a cypherpunk, crypto-anarchist, and anti-establishment freedom tool, instead integrating more with traditional finance of late with the launch of spot ETFs.

Why It Matters: Despite his doubts, Thiel’s Founders Fund, a venture capital firm established by him, has a significant history with Bitcoin.

The fund made $1.8 billion through Bitcoin investments just before the market collapsed in 2022. It then purchased another $100 million in Bitcoin in 2023, when it was trading below $30,000.

Price Action: At the time of reporting, Bitcoin is trading at $63,259.56, up 3% over the last 24 hours, according to data from Benzinga Pro.

Read Next: Bitcoin May Face Another Correction, Dropping To $55,000, Predicts Crypto Analyst

Image Via Shutterstock

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