Former PayPal CEO Peter Thiel expressed doubts about the significant increase in Bitcoin (BTC) price from current levels.

The billionaire who still holds a certain amount of BTC is not sure where the next group of buyers will come from after Bitcoin Spot ETFs. Speaking to CNBC on June 28, the former CEO of PayPal said the following:

“BTC, I'm not sure if there will be a major increase after this. I don't know where new buyers will come from after spot ETFs start trading. It may still rise a bit, but it will be a variable, up and down journey.”

Thiel previously stated that he had made insufficient investment in Bitcoin in October 2021, when BTC was heading towards $69,000. However, Thiel's Founders Fund has a rather impressive history with Bitcoin; it made its first Bitcoin investment in 2014 and made a profit of $1.8 billion shortly before the market crashed in 2022.

The billionaire, who claimed not to have bought enough BTC in October 2021, now confuses minds by not expecting much of a price increase.

Founders Fund later bought another $100 million when Bitcoin traded below $30,000 in 2023.

"Bitcoin (BTC) does not work as thought"

Thiel expressed that Bitcoin is not as effective in encryption as it is believed to be, as follows:

"When people at the FBI told me that criminals prefer to use Bitcoin instead of 100 dollar banknotes, it may indicate that things are not working as they should."

However, Bitcoin was designed to be a public, permissionless, and decentralized ledger, and the untraceability of transactions like Monero and other privacy-focused networks was not intended.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.