Billionaire entrepreneur Peter Thiel has affirmed that he still holds Bitcoin (BTC) and maintains his support for the leading cryptocurrency.

Peter Thiel’s Insights on Bitcoin’s Price

During a recent interview at the Aspen Ideas Festival in Colorado, Thiel shared his perspective on Bitcoin’s price trajectory. According to the founder of venture capital firm Founders Fund, Bitcoin’s price may not see the dramatic increases that many investors anticipate.

Thiel was asked by CNBC’s Andrew Ross Sorkin whether he still holds Bitcoin. Thiel confirmed that he “still holds some” but mentioned he wished he had purchased more. He expressed caution about the market outlook, suggesting that Bitcoin’s value might not “go up dramatically from here,” contrasting with some of the more optimistic predictions within the cryptocurrency community.

Founders Fund’s Investment in Bitcoin

In February 2023, reports indicated that Thiel’s Founders Fund had invested $200 million in Bitcoin and Ethereum, allocating $100 million to BTC and $100 million to ETH. The fund made these purchases when Bitcoin prices were around $30,000 during the summer of 2023.

This fresh investment followed the fund’s decision to liquidate all of its Bitcoin holdings acquired in 2014, selling before the significant market downturn in 2022.

Current Bitcoin Market Performance

Currently, Bitcoin trades around $60,800, reflecting a 100% increase over the past year. Despite struggling since its all-time high of over $73,000 in March this year, Bitcoin’s price is still up 37% year-to-date as of the time of writing.

For more updates on cryptocurrency and finance, stay tuned to Global Crypto News.

Post Views: 4