Tech billionaire and Palantir Technologies co-founder Peter Thiel was one of the early believers in Bitcoin’s BTC/USD decentralized ethos and described the leading cryptocurrency as a “moderately big invention” not too long ago.
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Bitcoin’s Rise Compared To Internet Boom
During the Joe Rogan Experience podcast, which aired August 2024, Thiel dubbed the $2 trillion asset a “pretty big deal” that was “systematically underestimated” in its first 10-11 years.
“It went up smoothly for 10-11 years, didn’t get repriced all at once,” he said. “We are in a world where nothing big ever happens and so we have no way of processing it when something pretty big happens.”
Thiel, who also co-founded PayPal, compared the phenomenon to the Internet boom in the late 90’s., stating, “Internet is really big. Bitcoin is moderately big.”
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Is Bitcoin Still Underestimated?
A lot has changed for Bitcoin since Thiel made these observations.
Donald Trump’s re-election and vocal support for Bitcoin spurred optimism and further capital inflows into the apex cryptocurrency. Earlier this year, Trump famously said that BTC is helping relieve pressure on the U.S. dollar and that it’s “great” for the country.
Trump also signed an executive order to establish a Bitcoin national reserve, funded with BTC seized by the federal government.
Significant progress has also been achieved on the legislative front, with key cryptocurrency bills, aimed at establishing clear guidelines for the industry, passing in the Congress.
One would think Bitcoin is no longer “underestimated,” as Thiel mentioned earlier.
Thiel’s Past Bets On Bitcoin
Thiel’s venture capital firm, Founders Fund, has had a significant history with Bitcoin. The fund made $1.8 billion through Bitcoin investments just before the market collapsed in 2022. It then purchased another $100 million in Bitcoin in 2023, when it was trading below $30,000.
Thiel, who still holds some Bitcoin, expressed regret last year for not purchasing more of the digital currency.
Price Action: At the time of writing, Bitcoin was trading at $114,657, up 0.58% in the last 24 hours, according to data from Benzinga Pro. The coin has surged over 100% in the last year.
Photo Courtesy: Mark Reinstein On Shutterstock.com
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