“It’s going to be a bumpy, bumpy ride” – Former PayPal CEO on Bitcoin

• Peter Thiel’s Evolving View on Bitcoin Highlights Skepticism Despite Past Investments
• Michael Saylor disagreed with Thiel’s view, defending Bitcoin as a transformative economic solution

After briefly showing signs of improvement following the first 2024 presidential debate, [BTC] The cryptocurrency fell again. In fact, at the time of writing, the cryptocurrency was trading at $60,889 on the charts, following a 1% decline in 24 hours.

Peter Thiel’s opinions on Bitcoin

This downturn has, understandably, raised a lot of doubts within the community. The same was highlighted by former PayPal CEO Peter Thiel in a recent interview. CNBC. Highlighting ongoing doubts about Bitcoin’s ability to achieve significant price growth, Thiel said,

“It may still go up, but it will be a choppy and bumpy ride.”

Peter Thiel’s comments reflect his evolving and mixed view of Bitcoin. This may be because he initially liked Bitcoin for its cryptographic, anarchic, and libertarian ideals, seeing it as a decentralized alternative to traditional financial systems.

However, Thiel now believes that Bitcoin has not fully achieved these ideals.

According to the executive, Bitcoin transactions are not anonymous or untraceable like some other cryptocurrencies like Monero and law enforcement agencies can track and monitor Bitcoin transactions. He went on to say,

“When people at the FBI tell me they would rather criminals use bitcoin than $100 bills, it suggests that maybe it’s not working the way it was supposed to work.”

His comments suggest a more steadfast view on the subject, a view that contradicts his previous optimism about Bitcoin’s revolutionary potential.

Thiel’s different views

For context, back in February 2024, Reuters Thiel’s venture capital firm, Founders Fund, strategically invested $100 million in Bitcoin when BTC fell below $30,000, it was reported.

Founders Fund entered the Bitcoin market in 2014, a move that proved to be very profitable with reported profits of $1.8 billion from the sale. This is before the market drops in 2022.

But despite these gains, Thiel expressed major regrets during Bitcoin’s 2021 rally. According to the CEO, he underutilized the digital asset.

When CNBC’s Andrew Ross Sorkin Requested When Thiel asked him about his current Bitcoin holdings, he reiterated similar views, claiming,

“I still have some. I didn’t buy as much as I should have.”

Although he regrets not buying more Bitcoin, he remains pessimistic about the future of the cryptocurrency.

“I’m not sure it’s going to pick up much from here.”

Finally, it is worth noting here that Thiel’s past views reflect Michael Saylor’s current views. For his part, the MicroStrategy CEO was in the news a few days ago after he claimed that Bitcoin is the “cure” for economic ills.