RATE Group | Peter Thiel Believes Bitcoin May Be on the Outs
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Peter Thiel Believes Bitcoin May Be on the Outs

29 May Peter Thiel Believes Bitcoin May Be on the Outs

Posted at 10:10h in Bitcoin News by

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The founder of PayPal Inc. (PYPL) believes that bitcoin could become less prominent in our daily investing and transacting. Peter Thiel, the billionaire entrepreneur and venture capitalist, expressed his belief that there is a 50% to 80% chance that bitcoin’s price will decline to a point at which the cryptocurrency, currently the largest in the world by market cap, will be effectively useless. The overseer of Founders Fund brought in up to $20 million of bitcoin to its portfolio back in January, prompting a 9% rise in the price of BTC within just a day of the purchase, according to AMBCrypto.com.

More Likely to Fail

Thiel believes that bitcoin is significantly more likely to fail than it is to continue to climb higher in price. Compared with a chance of up to 80% that the digital currency tanks in value, Thiel sees a 20% to 50% chance that the digital currency could go higher in price in the near future.

Although Thiel indicated his belief that it’s possible, if somewhat…

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