Even as a “groundbreaking” bitcoin bill is introduced to Congress, Bitcoin—along with other significant cryptocurrencies such as ethereum and XRP—has dropped from its peak of over $73,000 per bitcoin in March.
After rebounding from its 2022 collapse to surpass its previous all-time high, the bitcoin price has faltered in recent weeks, despite widespread rumors that another tech billionaire may join Elon Musk’s Tesla in purchasing bitcoin.
As traders prepare for a “true correction” that could affect the price of bitcoin, ethereum, XRP, and the broader crypto market, billionaire bitcoin buyer Peter Thiel has disclosed that he has sold a significant portion of his bitcoin.
“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.”
At the 2021 bitcoin conference in Miami, Thiel, who was an unexpected supporter of former U.S. president Donald Trump in 2016, expressed his belief that he was “underinvested” in bitcoin.
In 2023, Founders Fund disclosed that it had acquired an additional $100 million of bitcoin at a price of less than $30,000 per bitcoin during the most recent bear market in bitcoin, ethereum, XRP, and crypto.
In an interview with CNBC, Thiel expressed his disillusionment with bitcoin, which he characterized as a “cypherpunk, crypto-anarchist, libertarian, anti-centralized government thing.”