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Billionaire Bitcoin Buyer Reveals Shock Flip After Ethereum, XRP And Crypto Price Boom – Forbes

Written by Blockchain News


Bitcoin—along with other major cryptocurrencies including ethereum and XRP—has fallen back from its peak of over $73,000 per bitcoin in March (even as a “groundbreaking” bitcoin bill is introduced to Congress).

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The bitcoin price, after rocketing back from its 2022 crash to eclipse its previous all-time high, has struggled over the last few weeks, dropping despite wild speculation another tech billionaire could follow Elon Musk's Tesla in buying bitcoin.

Now, as traders brace for a “true correction” that could hit the price of bitcoin, ethereum, XRP and the wider crypto market, billionaire bitcoin buyer Peter Thiel has revealed he's sold much of his bitcoin.

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“I still have a small position,” Thiel, who along with payments giant PayPal also cofounded secretive data analytics company Palantir and Silicon Valley venture capital company Founders Fund, told told CNBC. “It probably still can go up some but it’s going to be a volatile, bumpy ride.”

Thiel, who was a surprise supporter of former U.S. president Donald Trump in 2016, spoke at the 2021 bitcoin conference in Miami and said he felt “underinvested” in bitcoin at the time.

Founders Fund revealed in 2023 it had bought another $100 million of bitcoin when it was trading below $30,000 per bitcoin at the depths of the recent bitcoin, ethereum, XRP and crypto bear market.

Thiel told CNBC he has become disenchanted with bitcoin as a “cypherpunk, crypto-anarchist, libertarian, anti-centralized government thing.”

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The bitcoin price has fallen back since topping its previous all-time high even as Wall Street piles … [+] into bitcoin, ethereum, XRP and other cryptocurrencies.

Forbes Digital Assets

“Where I’m less convinced is this question of the ideological founding vision of bitcoin,” Thiel said, adding that “when people in the FBI tell me that they’d much rather have criminals use bitcoin than $100 bills it suggests that maybe it’s not quite working the way it was supposed to.”

A fleet of U.S. spot bitcoin exchange-traded funds (ETFs) exploded onto Wall Street in January after a ten-year campaign, with the 11 new bitcoin funds becoming some of the fastest growing ETFs in Wall Street history.

“I'm not sure [the bitcoin price will] go up that dramatically from here from here,” Thiel said. “We got the ETF edition and I don't know who else buys it from here.”

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