U.Today – Billionaire investor Peter Thiel recently expressed his opinion on the current situation, arguing that a large portion of its potential value has already been realized.
According to Thiel, the price of Bitcoin will not increase significantly from this point on. He said that he does not think Bitcoin will see any dramatic increase from here, expressing his opinion that the period of significant increase in the price of Bitcoin is probably over.
Thiel expressed regret for not buying more bitcoin sooner and expressed his skepticism about the future of cryptocurrencies, especially in light of the emergence of decentralized computing. In addition, he raised the issue of the FBI’s preference for criminals to use bitcoin instead of fiat money such as $100 bills, emphasizing the traceability of digital gold.
Thiel claims that this has made it even more difficult for bitcoin to gain recognition as a mainstream financial asset. Thiel made an important observation when he said that he thinks big financial firms like BlackRock (NYSE:) and its CEO Larry Fink have taken bitcoin into their fold.
While institutional involvement gave Bitcoin legitimacy, it is possible that it has become disconnected from its original cypherpunk ideals of financial autonomy and decentralization. According to Thiel, Bitcoin’s revolutionary decentralized nature may be losing its initial appeal.
He commented that traditional financial institutions have underestimated bitcoin’s potential as a revolutionary financial technology, and expressed little confidence in the cryptocurrency’s ability to play a key role in a decentralized future.
Thiel acknowledged bitcoin’s volatility and the potential for it to still see some upside. While there may still be opportunities for gains, they come with significant risks. He said it could still go up some, but it would be a volatile up-and-down ride.
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