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Former PayPal CEO Peter Thiel questions Bitcoin’s potential for explosive price rises from its present value. Now that Bitcoin has had its “ETF edition” the millionaire, who still owns “some” but not as much as he “should have” is not sure from whence the next wave of purchasers will originate.
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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