Bitcoin fails to live up to ideals and faces uncertain period, says former PayPal director
The Bitcoin price has fallen by 4.5% in the last 7 days. Fortunately, there is a bit of a revival today, but if it were up to the experts, that revival would be short-lived. Peter Thiel, former director of PayPal, says that Bitcoin is facing an uncertain period for the time being.
Thiel highlighted this uncertainty in a recent interview with CNBC. Thiel said:
‘Bitcoin probably still has room to go up, but it’s going to be a volatile, bumpy ride.’
Bitcoin has not lived up to ideals
He once admired Bitcoin for its cypherpunk, crypto-anarchist and libertarian ideals as a decentralized alternative to traditional financial systems. But now he believes Bitcoin has not fully lived up to these ideals.
According to Thiel, Bitcoin transactions are not as anonymous or untraceable as some other cryptocurrencies such as Monero. Law enforcement agencies can track and monitor Bitcoin transactions. Thiel added add:
“When people in the FBI tell me they would rather criminals use Bitcoin than $100 bills, maybe that suggests that Bitcoin isn’t working quite as intended.”
In February 2024 wrote Reuters that Thiel’s venture capital fund, Founders Fund, strategically invested $100 million in Bitcoin when the price dropped below $30,000. Founders Fund entered the Bitcoin market in 2014, which proved to be very profitable with a reported $1.8 billion profit from sales, before the 2022 market crash.
Thiel bought too little Bitcoin
Despite this huge profit, Thiel displeased. In that respect, the richest people on earth seem like normal people. What bothered him most is that he didn’t capitalize enough on the 2021 bull run. Many regrets during Bitcoin’s 2021 bull run. When CNBC’s Andrew Ross Sorkin asked him about his current Bitcoin holdings, Thiel said:
‘I still have some. I didn’t buy as much as I should have.’
The funny thing is that he regrets not buying more Bitcoin, but he is pessimistic about the future of the cryptocurrency.
“I’m not sure it’s going to increase dramatically from here.”
