Industry experts challenge Peter Thiel's reservations about Bitcoin's future price potential
However, several industry experts challenge Thiel’s viewpoint, arguing that the flagship crypto still has significant room for growth.
Bitcoin was trading at $60,300 as of press time, down almost 2% over the past 24 hours.
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 selling BTC and lamented not buying as much as he “should have.”
Thiel’s venture capital firm, Founders Fund, has a substantial history with Bitcoin. The firm, which began investing in Bitcoin in 2014, profited $1.8 billion by selling before the market downturn in 2022. Founders Fund also bought $100 million worth of Bitcoin in 2023, when it was trading below $30,000.
Thiel also suggested that the best time to buy Bitcoin was last year, and the flagship crypto is unlikely to grow “dramatically” in value in the coming months. He said:
“I’m not sure it’s going to go up that dramatically from here.”
Thiel did not share the reasons behind his belief, but his “succinct market call” significantly contrasts with many industry experts, who believe Bitcoin will continue to grow in value over the coming months.
Less than 1% adoption
Riot Platforms VP of Research Pierre Rochard believes Thiel is underestimating Bitcoin’s potential. He pointed to the fact that Bitcoin adoption remains below 1% globally, indicating considerable room for expansion.
Rochard added that increased adoption and integration into global financial systems could drive Bitcoin’s price significantly higher in the coming years, in contrast to Thiel’s prediction. Meanwhile, others in the industry have made similar statements, projecting significant growth for Bitcoin over the coming months.
Morgan Creek CEO Mark Yusko believes that Bitcoin’s finite supply will drive its value higher as demand increases, while ARK Invest CEO Cathie Wood believes the increasing institutional interest is a sign of Bitcoin’s strengthening position in the financial ecosystem. Her firm’s bull case for Bitcoin places the flagship crypto at a price of over $1.5 million per token by 2030 as adoption ramps up.
MicroStrategy chair Michael Saylor believes Bitcoin will “eat gold” in the coming months and eventually become the most coveted asset on the planet because it offers unprecedented opportunities for capital preservation and appreciation.
