Bitcoins price expected to remain stagnant
Billionaire entrepreneur Peter Thiel confirms that he still possesses Bitcoin (BTC) and remains a supporter of the leading cryptocurrency. Thiel also shared his thoughts on Bitcoin’s price during an interview at the Aspen Ideas Festival in Colorado.
When asked by CNBC’s Andrew Ross Sorkin about his current Bitcoin holdings, Thiel disclosed that he still has some Bitcoin, although he admitted that he did not purchase as much as he would have liked. Despite his positive stance on Bitcoin, Thiel expressed caution regarding the future price of the digital asset, suggesting that it may not see a significant increase from its current levels.
In a surprising move earlier this year, Thiel’s Founders Fund reportedly invested $200 million in Bitcoin and Ethereum, with $100 million allocated to each cryptocurrency. This decision came after the fund sold off all of its Bitcoin holdings acquired in 2014 before the bear market crash of 2022, purchasing Bitcoin at a much lower price point in the summer of 2023.
Despite Bitcoin’s recent struggles following its peak above $73,000 in March, the cryptocurrency’s price has increased by 100% over the past year, currently trading at around $60,800. Thiel’s Founders Fund’s strategic purchase of Bitcoin at a lower price last summer highlights the potential for significant gains in the cryptocurrency market.
