Bitcoin
‘It’s going to be a volatile and bumpy ride’ – Former PayPal CEO on Bitcoin
- Peter Thiel’s Evolving 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 first presidential debate of 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 take on Bitcoin
This slowdown has understandably fueled a lot of skepticism within the community. This was highlighted by former PayPal CEO Peter Thiel in a recent interview with CNBC. Shedding light on the ongoing uncertainties surrounding 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 prefer criminals to use Bitcoin instead of $100 bills, it suggests that maybe it’s not 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
For context, 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, before the market decline in 2022.
Despite these gains, however, Thiel has expressed plenty of regret during Bitcoin’s 2021 bull run. According to the executive, he didn’t capitalize enough on the digital asset.
When CNBC’s Andrew Ross Sorkin asked Regarding his current Bitcoin holdings, Thiel reiterated similar views, claiming:
“I still have some. I didn’t buy as much as I should have.”
Despite regretting not buying more Bitcoin, he remains pessimistic about the future of the cryptocurrency.
“I’m not sure it’s going to escalate as dramatically from here.”
Finally, it is also worth noting here that Thiel’s earlier views reflect Michael Saylor’s current views. For his part, the MicroStrategy executive was in the news a few days ago after he claimed that Bitcoin is the “cure” for economic evil.