Peter Thiel, former CEO of PayPal and co-founder of the Founders Fund, recently expressed doubts about Bitcoin’s future price potential, stating that it is unlikely to rise.dramatic” from the current level.
However, several industry experts dispute Thiel’s position, stating that the flagship crypto still has significant room for growth.
Bitcoin was trading at $60,300 at the time of writing, down almost 2% in the past 24 hours.
It’s unlikely to go up
Thiel made the statement during an interview with CNBC at the Aspen Ideas Festival on June 27, where he revealed that he continues to hold “some Bitcoin” in response to questions about BTC sales and lamented that he did not buy as much as he “should have must do”.
Thiel’s venture capital firm, Founders Fund, has a significant history with Bitcoin. The company, which started investing in Bitcoin in 2014, profited $1.8 billion by selling before the market drop in 2022. Founders Fund also bought $100 million worth of Bitcoin in 2023, when it was trading below $30,000.
Thiel also suggested that last year was the best time to buy Bitcoin, and that the flagship crypto is unlikely to grow “dramatically” in value in the coming months. He said:
“I’m not sure it will increase that dramatically from here.”
Thiel didn’t share the reasons behind his belief, but his “succinct market call” is in stark contrast to many industry experts, who believe Bitcoin will continue to grow in value in the coming months.
Less than 1% adoption
Riot Platforms VP Research Pierre Rochard believes Thiel underestimates Bitcoin’s potential. He pointed to the fact that Bitcoin adoption remains below 1% globally, indicating significant room for expansion.
Rochard added that greater adoption and integration into global financial systems could drive Bitcoin’s price significantly higher in the coming years, contrary to Thiel’s prediction. Meanwhile, others in the industry have made similar statements, predicting significant growth for Bitcoin in the coming months.
Morgan Creek CEO Mark Yusko believes Bitcoin’s limited supply will increase its value as demand increases, while ARK Invest CEO Cathie Wood believes rising institutional interest is a sign of Bitcoin’s strengthening position in the financial ecosystem . Her company’s bull case for Bitcoin puts the flagship crypto at a price of more than $1.5 million per token by 2030 as adoption increases.
MicroStrategy Chairman Michael Saylor believes Bitcoin will “eat gold” in the coming months and ultimately become the most coveted asset in the world as it offers unprecedented opportunities for capital preservation and appreciation.