In Aspen, Colorado, Peter Thiel, a billionaire businessman known for always supporting Bitcoin (BTC), recently expressed a less optimistic view on the cryptocurrency’s future price. Thiel said at the Aspen Ideas Festival on Thursday that he still holds Bitcoin but warned people not to expect big price increases shortly.
Andrew Ross Sorkin of CNBC asked Thiel many questions, and he answered them all. He discussed Nvidia, TikTok, and the future US elections. When asked if he still had BTC, he said, “I still hold some,” but he felt bad that he hadn’t bought more. He clarified that he supported Bitcoin and gave a cautious view of its market potential.
Bitcoin’s Modest Price Growth Prediction By Thiel
Thiel, who started the venture capital company Founders Fund, said he didn’t think Bitcoin’s price would increase significantly from where it is now. This point of view differs from many BTC fans’ optimistic views. At the time of Thiel’s words, the price of BTC was around $60,800, which is a 100% rise over the last year.
There were rumors earlier this year that Founders Fund had invested $200 million in BTC and Ethereum, with $100 million going to each cryptocurrency. The deals were made in the summer of 2023 when Bitcoin was around $30,000. This strategic move came after Founders Fund sold all of its BTC shares, which it had bought in 2014. This happened right before the big bear market crash of 2022.
Bitcoin has been fluctuating, and it has been difficult to keep it at its all-time high of over $73,000 in March of this year. Even so, BTC’s price is up 37% year-to-date, which shows how volatile and stable the coin is.
Thiel’s cautious optimism warns of the risks associated with investing in digital assets as the cryptocurrency market continues to change. While people still have different ideas about Bitcoin’s long-term potential, Thiel’s cautious view suggests that big price jumps might not be coming soon.
