Bitcoin price may not rise that ‘dramatically,’ Peter Thiel says

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As a researcher with experience in the cryptocurrency market, I find Peter Thiel’s perspective on Bitcoin’s price intriguing. Thiel’s admission that he still holds some Bitcoin and his past significant investment in the asset through Founders Fund adds credibility to his opinion. However, his caution against dramatic price increases contrasts with the optimistic predictions of some market analysts.

As a researcher studying the world of finance and technology, I can share that billionaire entrepreneur Peter Thiel remains a believer in Bitcoin (BTC). He continues to hold onto his investment in this groundbreaking cryptocurrency.

As a crypto investor, I’ve noticed that there’s been a lot of buzz about Bitcoin’s potential price increase. However, Peter Thiel, the entrepreneur and founder of Founders Fund, has expressed some skepticism during an interview at the Aspen Ideas Festival in Colorado on Thursday. He believes that the price hike may not be as “dramatic” as some might anticipate.

Peter Thiel still holds Bitcoin

While conducting an interview with CNBC, Andrew Ross Sorkin inquired about my current stance on Bitcoin, given my previous comments regarding Nvidia, TikTok, and the upcoming US elections.

Thiel expressed that he still owns a certain amount, but lamented that he wasn’t able to acquire more. Regarding the Bitcoin market, however, Thiel sounded a note of warning in his assessment.

As a crypto investor following Peter Thiel’s perspective, I wouldn’t hold my breath for significant price surges in the leading cryptocurrency from this point on. This outlook deviates from the more optimistic expectations some Bitcoin enthusiasts have expressed in the community.

Thiel’s Founders Fund bought $200 million BTC

In February of this year, it was reported that Thiel’s Founders Fund had allocated approximately $200 million to Bitcoin and Ethereum. Around half of this investment, or $100 million, was put towards each cryptocurrency. The purchases were made when the price of Bitcoin was roughly $30,000 during the summer of 2023.

As a researcher, I’ve uncovered new information indicating that recent acquisitions were made following reports of Founders Fund selling off their entire Bitcoin holdings they initially obtained in 2014. These transactions allegedly took place prior to the crushing bear market decline in 2022.

Significantly, the price of Bitcoin now hovers around $60,800, representing a 100% increase over the past year. It’s worth noting that Thiel’s Founders Fund purchased Bitcoin last summer when its value was significantly lower than it is today.

Despite experiencing a downturn since hitting its peak of over $73,000 in March 2021, Bitcoin’s price has still managed to increase by approximately 37% so far this year.

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2024-06-28 19:40