Bitcoin
Most of Bitcoin’s (BTC) Value Has Been Mined
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Billionaire investor Peter Thiel recently discussed his views on the current state of Bitcoin, arguing that a large part of its potential value has already been achieved.
According to Thiel, there will be no significant price increases for Bitcoin from where it is at the moment. He said he doesn’t think Bitcoin would rise dramatically from here, expressing his opinion that significant price increases for Bitcoin it may be over.
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Thiel expressed his regret for not purchasing more Bitcoin sooner and his skepticism regarding the future of cryptocurrency, especially in light of the emergence of decentralized computing. Additionally, he mentioned the FBI’s preference for criminals to use Bitcoin instead of fiat money like $100 bills, highlighting the ability to track digital gold.
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Thiel claims this makes it even more difficult for Bitcoin to gain traction as a mainstream financial asset. Thiel made an important point when he said he thought large financial firms like BlackRock and its CEO Larry Fink had appropriated Bitcoin.
While institutional involvement has given Bitcoin legitimacy, it is possible that it has diverged from its original cypherpunk ideals of financial autonomy and decentralization. According to Thiel, Bitcoin’s revolutionary decentralized nature may be losing its initial appeal.
Noting that traditional financial institutions have undermined Bitcoins potential as a revolutionary financial technology, he expressed less faith in cryptocurrency’s ability to play a significant role in a decentralized future.
Thiel acknowledged Bitcoin’s volatility and its possibility of some upward movement despite this. While there may still be opportunities for gains, they come with significant risks. It could still go up a bit, but it will be a volatile and bumpy ride, he said.