Peter Thiel continues holding Bitcoin despite reservations

Quick Take

  • Peter Thiel confirmed on Thursday that he still holds bitcoin, saying he wished he bought more earlier.
  • However, the Founders Fund co-founder was not optimistic about its future price potential.

Former PayPal CEO and Founders Fund co-founder Peter Thiel has confirmed he still holds bitcoin, reiterating previous remarks wishing he had bought more earlier.

Responding to a question from CNBC’s Andrew Ross Sorkin at the Aspen Ideas Festival on Thursday, asking if he had sold any bitcoin, Thiel said, “I still hold some. I didn’t buy as much as I should have.”

However, Thiel didn’t sound too optimistic about bitcoin’s price potential, adding, “I’m not sure it's going to go up that dramatically from here.”

In February, Reuters reported that Peter Thiel’s venture capital firm Founders Fund had invested $100 million in bitcoin last year, at a price below $30,000.

Founders Fund reportedly first began investing in bitcoin in 2014, making $1.8 billion by selling before the 2022 market collapse.

Thiel himself has been a longtime Bitcoin advocate. During the 2021 bull run, Thiel also said he felt as though he had not invested enough in bitcoin.

Bitcoin is currently trading for $61,419, according to The Block’s bitcoin price page. The largest cryptocurrency by market cap is down around 5% since the German Government started moving seized bitcoin funds to exchanges last week.

Bitcoin briefly fell below $60,000 on Monday following the news that defunct bitcoin exchange Mt. Gox is set to distribute around $9 billion worth of bitcoin and bitcoin cash repayments from July.

BTC/USD price chart. Image: The Block/TradingView.


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About Author

James Hunt is a reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the latest market updates. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected].

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