A serious boom in the price of Bitcoin will not happen, according to a billionaire
Former PayPal CEO Peter Thiel has expressed skepticism about the likelihood of a major rise in Bitcoin's price from its current levels.
The billionaire who still holds BTC, though not as much as he thinks “should own', he's not sure where the next wave of buyers will come from now that Bitcoin already has its ETFs.
"I'm not sure the price will go up dramatically from now on. We got the ETF release and I don't know who else is going to buy it" said Thiel, founder of Founders Fund, in interview on CNBC on June 28.
It is likely that the price could still go up a bit, but it will be a volatile and bumpy ride.
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Bitcoin mining company CleanSpark announced a new deal for $155 millionTeal was before that mentioned , that is "underinvested” in BTC in October 2021, at a time when the cryptocurrency was climbing to its then all-time high of $69,000.
However, Thiel's Founders Fund boasts a remarkable track record with Bitcoin , making his first investment in the cryptocurrency in 2014 and making $1.8 billion just before the 2022 market crash.
The fund subsequently acquired another $100 million in BTC in 2023 when the price was below $30,000.
What I'm not so sure about is the question of the ideological foundational vision of Bitcoin - a crazed, crypto-anarchist, liberal and decentralized movement.
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Things could be getting worse for Bitcoin despite the bullish signals"That's what I thought was great about it,” Thiel reflects on his initial introduction to Bitcoin.
However, he now believes that Bitcoin “it doesn't really work that way".
When the FBI people tell me they'd rather criminals use Bitcoin than $100 bills, that suggests that maybe it doesn't work quite as well as it's supposed to.
Bitcoin was designed to be a public and decentralized ledger, and its transactions were never intended to be completely untraceable like those in Monero and other privacy-oriented networks.
At the time of writing, Bitcoin is trading at $61,034, down 1% in the last 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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