Peter Thiel still holds Bitcoin even though he does not expect the price to increase sharply

Mr. Peter Thiel repeated his stance of "investing too little money in BTC". However, the billionaire is not optimistic about Bitcoin's potential for strong price increases in the near future.

Appearing on CNBC's "Squawk Box" program on the sidelines of the recent Aspen Ideas Festival, Mr. Peter Thiel - co-founder of PayPal and Founders Fund investment fund - said he "still holds Bitcoin" and wishes " I should have bought more."

However, Mr. Thiel is not optimistic about the potential price increase of Bitcoin in the future: "I'm not sure Bitcoin price will increase dramatically compared to the present."

Billionaire investor Peter Thiel weighs in on $NVDA, TikTok, and bitcoin at @AspenIdeas pic.twitter.com/xD9Gd6ygDO— Squawk Box (@SquawkCNBC) June 28, 2024

As reported, Peter Thiel's venture capital firm Founders Fund spent $200 million on both Bitcoin and Ethereum during the late summer to early fall of 2023 at a price under $30,000 - market timing. Crypto is still in a sideways phase before exploding in the last months of the year thanks to the momentum coming from the Bitcoin spot ETF - then continuing to increase its position "secretly" in the following months.

It is known that Founders Fund is one of the Silicon Valley investment funds that knew Bitcoin early, allocating capital to the world's largest cryptocurrency since 2014. When the crypto market collapsed due to many crises in 2022 , Founders Fund announced that it had successfully exited the position with a profit of up to 1.8 billion USD. Founders Fund has also recently continuously poured capital into many crypto projects including Lagrange, Aperture Finance, Polymarket and Avail with 2 grants.

Billionaire Peter Thiel himself has long been a supporter of Bitcoin (BTC). During the past 3 years, Thiel has repeatedly praised Bitcoin partly because of the economics it brings to the market, partly because of its decentralization. During the strong bull run in 2021, Thiel felt he had invested too little money in BTC.

Bitcoin is currently trading around $61,000. The largest cryptocurrency by market capitalization fell below $60,000 late at night on June 24 and early morning on June 25 due to a series of bad news including:

·      MT. Gox confirmed it will return $9 billion worth of assets to damaged users in the form of BTC, BCH, and Japanese yen starting this July.

·      Bitcoin ETFs are preparing to have their 7th consecutive outflow day (excluding June 19 because it is a holiday in the US), with a total outflow of more than 1.1 billion USD.

The German government moved to transfer confiscated BTC to exchanges early last week