Bitcoin
‘It’s going to be a volatile and bumpy ride’ – Former PayPal CEO on Bitcoin
- Peter Thiel’s Evolutionary Bitcoin Outlook Highlights Skepticism Despite Previous Investments
- Michael Saylor opposed Thiel’s vision, advocating Bitcoin as a transformative economic solution
After briefly showing signs of improvement following the first presidential debate from 2024, Bitcoin [BTC] has retreated once again. In fact, at the time of writing, the cryptocurrency was trading at $60,889 on the charts, following a 1% drop in 24 hours.
Peter Thiel’s Views on Bitcoin
This slowdown has understandably fueled a lot of skepticism within the community. The same was highlighted by former PayPal CEO Peter Thiel in a recent interview with CNBC. Shedding light on the current uncertainties regarding Bitcoin’s ability to achieve significant price growth, Thiel said:
“It could probably still go up, but it will be a volatile and bumpy ride.”
Peter Thiel’s comments reflect his evolving yet mixed perspective on Bitcoin. This may be because he initially admired Bitcoin for its cypherpunk, crypto-anarchist and libertarian ideals, seeing it as a decentralized alternative to traditional financial systems.
However, Thiel now believes that Bitcoin has not fully realized these ideals.
According to the executive, Bitcoin transactions are not as anonymous or untraceable as some other cryptocurrencies like Monero and law enforcement agencies can track and monitor Bitcoin transactions. He went on to say:
“When people at the FBI tell me they would rather criminals use Bitcoin than $100 bills, that suggests it might not be working as it should.”
His comments indicate a more grounded view of the matter, which is contrary to his previous optimism about Bitcoin’s revolutionary potential.
Thiel’s different points of view
To contextualize, in February 2024, Reuters reported that Thiel’s venture capital firm, Founders Fund, strategically invested $100 million in Bitcoin when BTC fell below $30,000.
Founders Fund initially entered the Bitcoin market in 2014, a move that proved highly profitable, with reported earnings of $1.8 billion from sales. This was before the market plunged in 2022.
Despite these gains, however, Thiel expressed much regret during Bitcoin’s 2021 bull run. According to the executive, he did not capitalize enough on the digital asset.
When CNBC’s Andrew Ross Sorkin asked Regarding his current Bitcoin holdings, Thiel reiterated similar views by stating,
“I still have some. I didn’t buy as much as I should have.”
Despite his regret over not buying more Bitcoin, he remains pessimistic about the cryptocurrency’s future.
“I’m not sure it will escalate drastically from here.”
Finally, it is also worth noting here that Thiel’s previous opinions reflect Michael Saylor’s current opinions. For his part, the MicroStrategy executive was in the news a few days ago after claimed that Bitcoin is the “cure” for economic ills.