On June 28, the American venture capitalist stated in an interview with CNBC that he is uncertain whether the price of Bitcoin will significantly increase from its current level.
The pessimistic outlook stems from his view that Bitcoin has yet to become the financial freedom tool for crypto punks, crypto anarchists, and libertarians. He said it was this vision that initially sparked his interest in Bitcoin, which he considers “awesome.”
Bitcoin’s vision questioned
“But the question is, does it really work this way?” he asked, then pondered whether this vision had somehow been lost. He added, “The FBI people told me they would rather have criminals using Bitcoin than $100 bills.”
However, when asked if he had sold any BTC, he replied:
“I still hold some… there are many ways I didn’t buy as much as I should have.”
Thiel is not entirely bearish on Bitcoin. He revealed that he still has a “small position” and stated, “Bitcoin might still go up some, but it will be a tumultuous and bumpy journey.”
Clickbait Bitcoin Twitter accounts made a bizarre effort to distort Peter Thiel’s interview with CNBC. Although I disagree with Peter’s views, I also dislike being deceived by Bitcoin spin machines. More comprehensive context of what Peter Thiel said: https://t.co/3IYs0Q2oZApic.twitter.com/UQ0Kzm2xtF — Pledditor (@Pledditor) June 29, 2024
Writer and model Jessica Vaughn commented, “He wishes he bought more, that’s what it sounds like.” She then added:
“No one wants to make themselves look richer, especially billionaires. That’s where their self-worth lies.”
Peter Thiel made a lot of money from cryptocurrency. After holding BTC for 8 years, his fund cashed out in January 2023, making $1.8 billion in the process. Additionally, it was reported that Thiel’s Founders Fund began reinvesting in Bitcoin and Ethereum earlier this year.
BTC at a crossroads
Analyst Game of Trades stated that the Bitcoin market “is now at a very critical level.” The analyst observed in a post on X on June 29 that BTC has re-entered an ascending channel after spending four months outside it.
He warned, “If this move is confirmed, then the risk of further downside exists.” According to the chart, BTC could drop to $44,000 and still remain within the channel.
Reminder: Bitcoin is now at a very critical level. After spending over four months outside it, it has re-entered the ascending channel. If this move is confirmed, then the risk of further downside exists. But if the price can reclaim the channel resistance, then it would be a false breakdown… pic.twitter.com/fjmYcpiv6v — Game of Trades (@GametTrades_) June 29, 2024