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Most of the value of Bitcoin (BTC) was mined by U.Today
U.Today – Billionaire investor Peter Thiel recently shared his thoughts on the current state of , arguing that much of its potential value has already been reached.
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 the significant increases in the price of Bitcoin may be over.
Thiel expressed his regret for not purchasing more Bitcoin sooner and his skepticism regarding the cryptocurrency’s future, especially in light of the emergence of decentralized computing. Additionally, he brought up the FBI’s preference for criminals to use Bitcoin instead of fiat money like $100 bills, highlighting digital gold’s ability to track.
Thiel argues that this makes it even more difficult for Bitcoin to gain traction as a mainstream financial asset. Thiel made an important observation when he said that he believed large financial companies like BlackRock (NYSE:) 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, the revolutionary and decentralized nature of Bitcoin may be losing its initial appeal.
Emphasizing that traditional financial institutions have undermined Bitcoin’s potential as a revolutionary financial technology, he expressed less confidence in the cryptocurrency’s ability to play a significant role in a decentralized future.
Thiel acknowledged Bitcoin’s volatility and the possibility of some upward movement despite it. While there may still be opportunities for gains, they come with significant risks. It can still go up a bit, but it will be a volatile and bumpy ride, he said.