U.Today – Billionaire investor Peter Thiel recently discussed his views on the current state of , arguing that much of its potential value has already been realized.
According to Thiel, there will not be any significant increase in the price of Bitcoin from the current level. He said that he does not believe that Bitcoin will rise drastically from now on, expressing his opinion that Bitcoin's significant price increases might be over.
Thiel expressed regret for not buying more Bitcoin sooner and his skepticism about the cryptocurrency’s future, especially in light of the rise of decentralized computing. He also mentioned the FBI’s preference for criminals to use Bitcoin instead of fiat money like $100 bills, highlighting the traceability of digital gold.
Thiel claims that this makes it even more difficult for Bitcoin to gain traction as a mainstream financial asset. Thiel made an important point when he said that he thought big financial firms like BlackRock (NYSE 🙂 and its CEO, Larry Fink, had hijacked Bitcoin.
While institutional involvement has given Bitcoin legitimacy, it may have moved away from its original ideals of financial autonomy and decentralization. According to Thiel, Bitcoin's revolutionary, decentralized nature may be losing its initial appeal.
Noting that traditional financial institutions have undermined Bitcoin's potential as a revolutionary financial technology, he expressed less faith in the cryptocurrency's ability to play a major role in a decentralized future.
Thiel acknowledged Bitcoin's volatility and its possibility of some upward movement despite this. While there may still be opportunities to make profits, they carry significant risks. It can still rise a little, but it will be a volatile and bumpy ride, he said.
This article was originally published on U.Today
