Key Points
- Peter Thiel’s views on Bitcoin have evolved, showing skepticism despite past investments.
- Michael Saylor continues to advocate for Bitcoin as a transformative economic solution.
Bitcoin [BTC] showed signs of improvement after the first Presidential Debate of 2024, but has since retreated. At the time of writing, Bitcoin was trading at $60,889, marking a 1% decline in 24 hours.
Peter Thiel’s Views on Bitcoin
This downturn has sparked skepticism within the community. Ex-PayPal CEO Peter Thiel expressed his doubts in a recent interview with CNBC. Thiel commented on the uncertainties regarding Bitcoin’s ability to achieve significant price growth, saying it may still rise, but it will be a volatile, bumpy ride.
Thiel’s comments reflect his ever-changing views on Bitcoin. Initially, he admired Bitcoin for its cypherpunk, crypto-anarchist, and libertarian ideals. However, Thiel now believes that Bitcoin has not fully realized these ideals. He pointed out that Bitcoin transactions are not as anonymous or untraceable as some other cryptocurrencies, and law enforcement can track Bitcoin transactions.
Thiel’s Differing Viewpoints
In February 2024, Thiel’s venture capital firm, Founders Fund, invested $100 million in Bitcoin when BTC dropped below $30,000. Despite the profitable move, Thiel expressed regret during Bitcoin’s 2021 bull run for not capitalizing enough on the digital asset. When asked about his current Bitcoin holdings, Thiel said he still holds some but didn’t buy as much as he should have.
Despite his regrets, Thiel remains pessimistic about the future of Bitcoin, expressing doubt about its potential for dramatic growth. Interestingly, Thiel’s past views align with Michael Saylor’s current views. Saylor, the MicroStrategy executive, recently claimed that Bitcoin is the “cure” to economic ill.