Thiel, who continues to hold BTC, is skeptical about a major increase in Bitcoin's value following the launch of Bitcoin Spot ETFs. In an interview with CNBC on June 28, Thiel expressed concerns about where Bitcoin buyers will come from.
Analysis of Thiel's Historical and Future Views on Bitcoin
When Bitcoin rose to $69,000 in October 2021, Thiel admitted that he had not invested enough in the cryptocurrency. Still, Founders Fund, founded by Thiel, has a remarkable history in terms of Bitcoin investments. The fund made its first Bitcoin purchase in 2014 and made a profit of $1.8 billion just before the market crash in 2022. Despite his reservations about future price growth, Thiel's fund made an additional $100 million purchase in 2023 when Bitcoin was trading below $30,000.
The Role and Challenges of Bitcoin in Digital Currency
Thiel also commented on Bitcoin's effectiveness in encryption and pointed out some potential shortcomings. “If individuals within the FBI prefer criminals to use Bitcoin over $100 bills, this may indicate that the system is not working as intended,” Thiel said.
Nature of Bitcoin Transactions and Security Implications
It is important to emphasize that Bitcoin is designed as a public, permissionless and decentralized ledger. Unlike privacy-focused networks like Monero, Bitcoin is not intended to be completely untraceable. This transparency may make it less effective for illicit uses than physical cash, contrary to some public perceptions.
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I EXPLAIN IN DETAIL.
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