Peter Thiel has long said: Don't expect a 'big surge' from Bitcoin!
Recently, $BTC BTC has been fluctuating downwards, dropping below one hundred thousand dollars, and people have started to revisit what Peter Thiel said last year—only to find that he was indeed right about quite a bit.
The founder of Palantir and PayPal said in an interview with CNBC in June 2024: 'I don't believe that Bitcoin will surge again like that. After the ETF came out, it has actually become part of traditional finance, no longer that anti-establishment free currency.'
He believes that BlackRock has 'reined in' Bitcoin. Assets that originally belonged to crypto punks and the spirit of decentralization have now become commodities of financial giants, with the US stock code IBIT ETF.
'We launched the ETF IBIT version, but I don't know who else will buy it next. It might go up a bit more, but it will be a journey full of volatility and bumps.'
Peter Thiel means that once Bitcoin is controlled by ETFs and institutions, its 'rebellious nature' disappears. The capital flow will be more stable, but also more like the stock market, without that explosive volatility.
This point seems quite close to reality now—$BTC falling from the peak of 126,000 to below 100,000, market sentiment has completely turned cold, and analysts even warn that the bear market bottom may not appear until October 2026.
BlackRock's ETF can't hold up either
According to So So Value data, BlackRock's iShares Bitcoin Trust (IBIT) has seen a massive capital outflow in the last two weeks:
Last week: Outflow of 400 million USD
This week as of 11/5: Another outflow of 560 million USD
The ETF frenzy has cooled, retail investors lack confidence, and institutions are also withdrawing.
How does Peter Thiel play? Don't forget, the Founders Fund he founded previously made 1.8 billion USD from BTC and bought 100 million USD again in 2023 at a low price (below 30,000 USD).
So he is not bearish on Bitcoin—but is reminding everyone: 'Don't fantasize that ETFs will send Bitcoin skyrocketing. The future will be a long-term fluctuation, not a rocket launch.'
The future path of Bitcoin will be more mature and institutionalized, but it will lack fervor. Free cryptocurrencies are becoming financial products, and volatility is inevitable; the dream is no longer.
That being said, brothers, really don’t let whales take your Bitcoin. After all, whales are playing with Bitcoin, and the best strategy for small investors is to BUY the Dip, Hodl. #Let's cultivate together
