As a long-term crypto investor with some experience under my belt, I find Thiel’s recent comments about Bitcoin intriguing, even if I don’t necessarily agree with his perspective. His skepticism towards BTC‘s ability to function as a tool for financial freedom for the marginalized and oppressed is a valid concern that many investors have pondered over. However, I believe that Bitcoin has come a long way since its inception and has proven itself to be more than just a niche currency for criminals or libertarians.
As a crypto investor, I’ve heard some uncertainty from an American venture capitalist during his recent interview with CNBC on June 28. He expressed doubts about the possibility of significant price increases for Bitcoin from where we currently stand.
From my perspective as an analyst, the bearish standpoint arises due to the belief that Bitcoin hasn’t fully lived up to its potential as a cypherpunk, crypto-anarchist, and champion of financial liberty.
This vision is what sparked his fascination with Bitcoin for him, and he found its aspects truly captivating.
Bitcoin Vision Questioned
“He questioned if that was truly the case and considered the possibility of the Bitcoin thread going astray. According to people in the FBI, they prefer criminals using Bitcoin over hundred dollar bills.”
However, when asked whether he had sold any of his BTC, he replied with:
“I still hold some … there are all these ways I didn’t buy as much as I should have.”
Thiel hasn’t entirely abandoned his faith in Bitcoin, as he revealed that he continues to hold a “modest investment.” He also hinted that the cryptocurrency may continue to rise, albeit with significant price fluctuations along the way.
It’s strange how some clickbait Bitcoin Twitter accounts are distorting the meaning of Peter Thiel’s recent interview on CNBC.
Although I disagree with Peter’s viewpoints, I similarly dislike being misled by the bitcoin propaganda machine.
The fuller context of what Peter Thiel said:
— Pledditor (@Pledditor) June 29, 2024
“Jessica Vaughn, both a writer and model, remarked, ‘It’s too bad he didn’t buy more,’ she stated subsequently.”
Billionaires don’t desire to give the impression of being significantly wealthier than they already are. Their self-worth is tied to their current financial standing.
Peter Thiel’s cryptocurrency investment fund reaped significant rewards, selling Bitcoins amassed over an eight-year period in early 2023, resulting in a substantial gain of approximately $1.8 billion.
Additionally, it is said that Thiel’s Founders Fund initiated the process of investing in Bitcoin and Ethereum earlier this year.
BTC at a Crossroads
Bitcoin markets are “at a very critical level now,” according to analyst ‘Game of Trades.’
In a post on X, published on June 29, the analyst noted that Bitcoin (BTC) had returned to an uptrend by re-entering its upward channel following a four-month stint above it.
He warned that if this move confirms, there might be more downside to come for BTC, potentially dropping as low as $44,000 while still staying within the boundaries of the depicted channel on the chart.
ALERT: Bitcoin is at a very critical level now
It has broken back into the rising channel after spending 4 months above it
If this move confirms, then further downside is at risk
But if price is able to reclaim the channel resistance, then this would be a false breakdown…
— Game of Trades (@GameofTrades_) June 29, 2024
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2024-07-01 09:16