Bitcoin
Bitcoin price may not rise as ‘drastically’, says Peter Thiel
Billionaire entrepreneur Peter Thiel says he still owns Bitcoin (BTC) and continues to support the benchmark cryptocurrency.
.Thiel has something else to say about Bitcoin – specifically its price. The entrepreneur and founder of venture capital firm Founders Fund says the price of Bitcoin may not rise as “drastically” as many expect. Thiel shared this vision during a interview at the Aspen Ideas Festival in Colorado on Thursday.
Peter Thiel Still Holds Bitcoin
During the interview, in which Thiel commented on Nvidia, TikTok and the upcoming US election, CNBC’s Andrew Ross Sorkin asked Thiel if he still owned his Bitcoin.
Thiel responded that he “still has some,” adding that he didn’t buy as much as he would have liked. But when commenting on the market outlook, specifically the price of Bitcoin, he shared some caution.
According to Thiel, the value of the leading crypto asset is unlikely to “go up dramatically from here.” The view contrasts with some of the more bullish predictions for Bitcoin in the space.
Thiel’s Founders Fund Purchases $200 Million in BTC
In February of this year, reports suggested that Thiel’s Founders Fund had invested US$200 million in Bitcoin and Ethereumwith $100 million each going into BTC and ETH. The fund bought the leading cryptocurrency with prices hovering around $30,000 in the summer of 2023.
The new purchases came after the Founders Fund reportedly liquidated all of the Bitcoin it first acquired in 2014, with the sale made before the Devastating bear market crash of 2022.
Notably, BTC currently trades around $60,800, up 100% over the past year. Interestingly, Thiel’s Founding Fund purchased Bitcoin last summer – and the price was significantly lower than it is today.
Although the digital asset has struggled since reaching an all-time high above $73,000 in March this year, the price of BTC is up 37% year-to-date (at the time of writing).