Billionaire entrepreneur Peter Thiel has confirmed that he still holds Bitcoin (BTC) and continues to support the benchmark cryptocurrency. However, Thiel also expressed caution about the price of Bitcoin, suggesting that it may not rise as dramatically as some hope.
During an interview at the Aspen Ideas Festival in Colorado, Thiel mentioned that he still holds some Bitcoin, although he did not buy as much as he would have liked. He believes that it is unlikely for the value of Bitcoin to increase significantly from its current levels, which goes against some of the more bullish predictions in the industry.
Earlier this year, Thiel’s venture capital firm Founders Fund reportedly invested $200 million in Bitcoin and Ethereum, with $100 million allocated to each cryptocurrency. The fund purchased Bitcoin when prices were around $30,000 in the summer of 2023, after liquidating its previous holdings before the bear market crash of 2022.
Despite the recent struggles of Bitcoin, with its price reaching an all-time high above $73,000 in March and currently trading around $60,800, Thiel’s Founders Fund remains confident in its investment. The cryptocurrency is up 37% year-to-date, showing resilience in the face of market fluctuations.