Bitcoin
Most of Bitcoin’s (BTC) value was mined by U.Today
U.Today – Billionaire investor Peter Thiel recently discussed his views on the current state of , arguing that a large portion of its potential value has already been realized.
According to Thiel, there won’t be any significant price increases for Bitcoin from where it is at the moment. He said that he doesn’t think Bitcoin would rise dramatically from here, expressing his opinion that significant price increases for Bitcoin may be over.
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.
Thiel claims that this makes it even harder for Bitcoin to gain traction as a mainstream financial asset. Thiel made an important point when he said he believes that major financial firms like BlackRock (NYSE:) and its CEO Larry Fink have 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 Bitcoin’s potential as a revolutionary financial technology, he expressed less faith in the cryptocurrency’s ability to play a significant role in a decentralized future.
Thiel acknowledged Bitcoin’s volatility and the possibility of some upward movement despite it. 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.