A few statements from Peter Thiel, an American entrepreneur and former CEO of Paypal, suggest that he may be questioning Bitcoin’s (BTC) future value. He was recently seen discussing his opinion on the current state of Bitcoin and there he stated that a significant portion of the coin’s potential value has already been reached.
By this statement, Thiel meant that BTC would not register any other sizable increase from its current position. Bitcoin price is currently at $61,589.98 with a 1.14% increase within the last 24 hours, according to data from CoinMarketCap.
As a result, he expressed his regret for not acquiring Bitcoin earlier than he did.
Why BTC May Not Gain Traction
Again, the entrepreneur expressed his skepticism toward BTC’s future, especially in light of the emergence of decentralized computing.
He highlighted the fact that the Federal Bureau of Investigation (FBI) prefers that criminals use Bitcoin to reroute their loot instead of fiat currencies like $100 bills. This is because the coin can be traced on the blockchain.
In Thiel’s opinion, this makes it more difficult for Bitcoin to gain traction as a mainstream financial asset.
Spot Bitcoin ETFs Bring Legitimacy to BTC
Spot Bitcoin ETFs were approved for trading by the United States Securities and Exchange Commission (SEC) in January. This new product gives institutional and retail investors direct exposure to the market value of Bitcoin without exposing them to the risks involved. The advent of the offering marked a significant milestone for BTC as its price hit a new all-time high (ATH) at the peak of the BTC ETF flows.
However, Thiel believes that this increased involvement of institutions gave Bitcoin legitimacy. He also thinks that it diverged from its original cypherpunk ideals of financial autonomy and decentralization. Hence, he perceives that Bitcoin may be losing its much-talked-about decentralized nature.
What Does The Future Hold For BTC?
Markedly, the former CEO of Paypal still holds Bitcoin but he does not see the coin as part of a decentralized future. He acknowledged BTC’s volatility as well as its capacity to register some slight upward movement. He voiced this position citing that while there may still be opportunities for gains, they are likely to come with significant risks.
Peter Schiff, the crypto critic, has equally warned his followers about the future of the coin, noting the poor performance of the leading crypto in the second quarter of the year. Amidst all of these opinions, the coming days and events will tell how Bitcoin will perform.
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