Billionaire Bitcoin Buyer Peter Thiel Has Sold Most of His Bitcoin as the Market Braces for a \'True Correction\'
- WBOYOriginal
- 2024-07-01 14:19:56372browse
Peter Thiel, the billionaire cofounder of PayPal, Palantir and Founders Fund, has warned the bitcoin price could flat line after the huge ethereum, XRP and crypto boom.
Billionaire Peter Thiel has revealed he's sold much of his bitcoin after growing "disenchanted" with the cryptocurrency's ideological underpinnings.
"I still have a small position," Thiel, who cofounded PayPal, Palantir and Founders Fund, told CNBC. "It probably still can go up some but it’s going to be a volatile, bumpy ride."
Thiel, who was a surprise supporter of former U.S. president Donald Trump in 2016, spoke at the 2021 bitcoin conference in Miami and said he felt "underinvested" in bitcoin at the time.
Founders Fund went on to buy another $100 million of bitcoin in 2023 when it was trading below $30,000 per bitcoin at the depths of the recent bitcoin, ethereum, XRP and crypto bear market.
However, Thiel told CNBC he has since become disenchanted with bitcoin as a "cypherpunk, crypto-anarchist, libertarian, anti-centralized government thing."
"Where I’m less convinced is this question of the ideological founding vision of bitcoin," Thiel said, adding that "when people in the FBI tell me that they’d much rather have criminals use bitcoin than $100 bills it suggests that maybe it’s not quite working the way it was supposed to."
A fleet of U.S. spot bitcoin exchange-traded funds (ETFs) exploded onto Wall Street in January after a ten-year campaign, with the 11 new bitcoin funds becoming some of the fastest growing ETFs in Wall Street history.
"I'm not sure [the bitcoin price will] go up that dramatically from here from here," Thiel said. "We got the ETF edition and I don't know who else buys it from here."
The above is the detailed content of Billionaire Bitcoin Buyer Peter Thiel Has Sold Most of His Bitcoin as the Market Braces for a \'True Correction\'. For more information, please follow other related articles on the PHP Chinese website!