Thiel’s Views on Bitcoin’s Growth

Founders Fund founder Thiel voiced doubt about notable potential price increases for Bitcoin in a June 28 interview with CNBC. “I’m not sure from here whether it will rise that drastically. We choose the ETF version; I’m not sure anyone else purchases it.” “It most likely still can go up some, but the ride will be erratic.”

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Just weeks before the Bitcoin all-time high of $69,000, Thiel already acknowledged to having “underinvested” in the cryptocurrency back in October 2021. Though wary, Thiel’s Founders Fund has had a good track record with Bitcoin; initially invested in 2014 and made $1.8 billion profits before the market collapse in 2022. When prices fell below $30,000 in 2023 the fund then bought another $100 million in Bitcoin.

Ideological Shift and Bitcoin’s Reality

Reflecting on his early ideological excitement for Bitcoin, Thiel also saw it as a cypherpunk, crypto-anarchist, libertarian substitute for centralized government authority. But he now sees things differently. This is the issue of the ideological founding concept of Bitcoin as a cypherpunk, crypto-anarchist, libertarian, anti-centralized government entity from which I am less persuaded. That’s what I found very amazing about it, Thiel remembered. He now, however, thinks Bitcoin has fallen short of this ideal.

“When FBI agents tell me they would much prefer have criminals use Bitcoin than $100 bills it suggests maybe it’s not quite working the way it was supposed to” Thiel observed. Although Bitcoin was meant to be a public, permissionless, distributed ledger, it was never meant to be absolutely untraceable like Monero and other privacy-oriented networks.

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Silicon Valley heavyweight Peter Thiel’s investment firm, Founders Fund, struck gold with a well-timed $200 million bet on Bitcoin and Ethereum, according to Reuters. This shrewd move netted them a tidy $200 million profit, riding the recent crypto bull run.

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Sources reveal the investment was split evenly between the two leading digital assets: Bitcoin (BTC) and Ethereum (ETH). Both saw impressive gains over the past year, with Bitcoin soaring 124% and Ethereum rising a respectable 75%.

Buying Low, Selling High: Founders Fund wasn’t afraid to get their feet wet early, entering the market when Bitcoin was still below the $30,000 mark. They strategically added to their positions in both BTC and ETH in the following months, demonstrating confidence in the market’s long-term potential.

Peter Thiel: A Vocal Crypto Advocate: This isn’t Thiel’s first foray into the crypto world. He’s a long-standing proponent of Bitcoin, using its price gains as ammunition against central banks and fiat currencies. He even admitted feeling “underinvested” in the asset during the 2021 bull run.

Smart Exit Before the Storm: Interestingly, Founders Fund cashed out most of their crypto holdings in March 2022 for a cool $1.8 billion, according to the Financial Times. This savvy move came just before the crypto winter set in, showcasing their keen market timing.

Thiel’s Crypto Footprint: Thiel’s influence in the crypto space extends beyond his personal investments. He backs Bullish, an institutional crypto exchange, which acquired CoinDesk in 2023.

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