Tech Billionaire Peter Thiel Forecast Bitcoin Prices Not to Increase Dramatically

Tech Billionaire  Peter Thiel Forecast Bitcoin Prices Not to Increase Dramatically

The American book writer and entrepreneur Peter Thiel shared his thoughts on Bitcoin’s behavior. The executive predicted that Bitcoin might fail to rise above its current price.

According to CoinMarketCap, Bitcoin has reached the $60K mark in the last 24 hours. Having been an active crypto investor, Thiel owns a substantial amount of Bitcoin, but less than he expected.

Peter Thiel Express Doubt on BTC Price Movement

In his earlier report, Thiel stated that he had underinvested in Bitcoin when BTC attained its all-time high of  $69,000 in October 2021.

The executive projects that the next batch of Bitcoin buyers will be from BTC exchange-traded funds (ETF). In an interview with CNBC, Thiel doubted whether Bitcoin would breach the $60K resistance level.

He noted that the buying pressure might either increase or drop dramatically with the ETF version of Bitcoin. If BTC surges, Thiel forecasts that Bitcoin will be on a bumpy ride due to its volatile nature.

Sharing his experience in investing in Bitcoin, Thiel stated that the price of BTC has remained unpredictable. The executive generated $1.8 billion in his first Bitcoin investment in 2014.

Former Paypal CEO Revisits His Bitcoin Journey

The profits reaped from his Bitcoin investment motivated Thiel to become an active crypto investor until the bears resurfaced in 2022. He recalled the aftermath of the 2022 bear market when the price of most crypto assets established a bearish trend.

With the hope that Bitcoin would gain bullish momentum, Thiel made his second Bitcoin investment worth $100 million in 2023, when BTC was trading at $30,000. Thiel expressed his disappointment in the Bitcoin price swing.

Thiel confessed that with the BTC price swings, Bitcoin had become a cypherpunk, as he had predicted earlier. The Founder of the Fund did not support the ideologies profiling Bitcoin as cypherpunk and other predictions from libertarians and crypto-anarchists.

He revisited his first time acquiring Bitcoin when he had high hopes for BTC. However, his hopes for Bitcoin diminished when BTC turned out to work the opposite way.

He recalled that some law enforcers at the Federal Bureau of Investigation (FBI) confessed that they preferred criminals making Bitcoin payments over $100 cash bills.

Thiel noted that the FBI proposals clearly show that Bitcoin is not working as it should. Apart from discussing the Bitcoin price behavior, the interview focuses on the US 2024 general election.

Peter Thiel Vows Not to Offer Political Donations

Thiel commented on the upcoming election and said he would vote for the pro-crypto president, Donald Trump. Having been a critical supporter of Trump, Thiel confessed that he would not provide any financial support in the Republican nomination scheduled in August.

He vowed not to issue any financial support in the election campaigns. Thiel donated  $1.25 million in the previous election to fund former US  President Trump’s campaigns.

Besides the financial support, Thiel delivered a speech at the Republican National Convention, discussing policy and election outcome.

Days before the 2016 election, the executive organized a meeting between Trump and top-level executives at Amazon, Google, Tesla, Apple, and other tech industrial heavyweights. Even though Thiel’s preferred presidential candidate did not win the election, the executive confirmed to have learned a lot during the election period.

Thiel told The Guardian that he made many mistakes, and things turned out crazier and more dangerous. Thiel confirmed receiving a call recently  from Trump requesting a $10 million political donation, which he turned down the offer.

During the call, Trump expressed his disappointment at the tech billionaire’s failure to support him in the 2024 general election. Thiel donated millions of funds to Blake Master while campaigning for the Arizona Senate seat in 2023.

He also offered financial support to Hillbilly Elegy while he was vying for the Ohio Senate seat. Thiel admitted that even though political candidates will pressurizing him participate in political donatios, he won’t fund any aspirant vying in the 2024 election.

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