Monday, July 15, 2024
Home > News > Bitcoin News > Bitcoin price may not rise that ‘dramatically,’ Peter Thiel says

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

Billionaire enterpeneur Peter Thiel says he still holds Bitcoin (BTC) and continues to support for the benchmark cryptocurrency.

.Thiel has something else to say about Bitcoin – specifically about its price. The entrepreneur and founder of venture capital firm Founders Fund says that the price of Bitcoin may not rise as “dramatically” as many hope. Thiel shared this view during an interview at the Aspen Ideas Festival in Colorado on Thursday.

Peter Thiel still holds Bitcoin

During the interview, in which Thiel commented about Nvidia, TikTok and the upcoming US elections, CNBC’s Andrew Ross Sorkin asked Thiel whether he still held his Bitcoin.

Thiel replied that he “still holds some”, adding that he did not buy as much as he would have wished. But when commenting on the market outlook, specifically on Bitcoin price, he shared some caution.

According to Thiel, it’s unlikely that the flagship crypto asset’s value will “go up dramatically from here.” The view contrasts with some of the most bullish predictions for Bitcoin in the space.

Thiel’s Founders Fund bought $200 million BTC

In February this year, reports suggested Thiel’s Founders Fund had invested $200 million in Bitcoin and Ethereum, with $100 million each going to BTC and ETH. The fund purchased the leading cryptocurrency with prices hovering around $30,000 in the summer of 2023.

The fresh purchases came after Founders Fund reportedly liquidated all of its Bitcoin that it first acquired in 2014, with selling done before the devastating bear market crash of 2022.

Notably, BTC currently trades around $60,800, up 100% in the past year. Interestingly, Thiel’s Founders Fund bought Bitcoin last summer – and price was markedly lower then compared to today.

While the digital asset has struggled since reaching an all-time high above $73,000 in March this year, BTC price is up 37% year-to-date (at the time of writing).