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Most of Bitcoin’s (BTC) value has been mined
Armani Shirinyan
Former PayPal Executive Gives Us a Gloomy Outlook for Bitcoin
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Billionaire investor Peter Thiel recently discussed his views on the current state of Bitcoin, arguing that much of its potential value has already been achieved.
According to Thiel, there will be no significant increases in the price of Bitcoin from where it is now. He said that he does not think Bitcoin will go up dramatically from here, expressing his opinion that significant price increases for Bitcoin it could be over.
Thiel expressed his regret for not purchasing Bitcoin sooner and his skepticism regarding the cryptocurrency’s future, especially in light of the emergence of decentralized computing. Additionally, he pointed to the FBI’s preference for criminals to use Bitcoin instead of fiat money like $100 bills, highlighting the ability to track digital gold.
Thiel argues that this makes it even more difficult for Bitcoin to gain traction as a traditional financial asset. Thiel made an important point when he said that he believed large financial firms like BlackRock and its CEO Larry Fink had appropriated Bitcoin.
While institutional involvement has given Bitcoin legitimacy, it may have deviated 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 potential as a revolutionary financial technology, expressed less confidence in cryptocurrency’s ability to play a significant role in a decentralized future.
Still, Thiel acknowledged Bitcoin’s volatility and the potential for some upside. While there may still be opportunities for profit, they come with significant risks. It can still go up a bit, but it will be a volatile and bumpy ride, he said.
About the author
Armani Shirinyan
Arman Shirinyan is a trader, cryptocurrency enthusiast and SMM expert with more than four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently, he focuses on news, in-depth articles on crypto projects, and technical analysis of cryptocurrency trading pairs.