The entrepreneur and founder of venture capital firm Founders Fund, Thiel, has expressed skepticism about the potential dramatic rise in Bitcoin’s price. He mentioned that he still holds some Bitcoin but did not acquire as much as he would have liked.
Thiel cautioned that it is unlikely for the value of Bitcoin to increase dramatically from its current levels, which is in contrast to some bullish predictions in the space. The Founders Fund purchased Bitcoin when its prices were around $30,000 in the summer of 2023.
Currently, Bitcoin is trading around $60,800, representing a 100% increase in the past year. Thiel’s fund’s decision to buy Bitcoin last summer at a lower price indicates that its value has significantly increased since then.
Despite Bitcoin’s struggle after reaching an all-time high above $73,000 in March, its price has gone up 37% year-to-date at the time of writing.
