Most of the Bitcoin (BTC) value has been extracted
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Billionaire investor Peter Thiel recently commented 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 price increases for Bitcoin from where it is now. He said he does not believe Bitcoin will rise dramatically from here and expressed his opinion that significant price increases for Bitcoin may be over.
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Thiel expressed his regret for not buying more Bitcoin sooner and his skepticism about the future of the cryptocurrency, especially given the development of decentralized computers. In addition, he mentioned that the FBI prefers criminals to use Bitcoin instead of fiat money such as $100 bills, thus emphasizing the possibility of tracing the digital gold.
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Thiel claims that this makes it even harder for Bitcoin to gain traction as a mainstream financial asset. Thiel made an important observation when he said that in his opinion, major financial firms like BlackRock and its CEO Larry Fink have appropriated Bitcoin.
While institutional participation gave Bitcoin legitimacy, it’s possible that it deviated from its original cypherpunk ideals of financial autonomy and decentralization. According to Thiel, Bitcoin’s revolutionary decentralized nature may be losing its original appeal.
He noted that traditional financial institutions have undermined Bitcoin’s potential as a revolutionary financial technology and 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 an upside move despite all of this. While there are still opportunities for gains, they come with significant risks. It could still go up a bit, but it will be a bumpy, volatile ride, he said.
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