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Peter Thiel Predicts Bumpy Ride For Bitcoin Amid Ideological Shift
Amid the flurry of predictions for Bitcoin’s end-of-year price, PayPal co-founder Peter Thiel has dampened investors’ enthusiasm with a grim forecast. Thiel warned that Bitcoin does not have much upside left in terms of pricing after its last bull run, citing institutional interest in the leading cryptocurrency.
Thiel shared his thoughts at a session at the Aspen Ideas Festival, urging investors to brace for a rocky patch with the leading cryptocurrency. The PayPal co-founder added that while a BTC rally is on the horizon, investors may not see the parabolic returns from the last bull run.
“I’m not sure it’s going to go up dramatically from here,” said Thiel. “We got the ETF edition, and I don’t know who buys it quickly from here.”
Despite not forecasting sizable returns, Thiel forecasted a volatile run for BTC, marked by steep corrections and price surges. During his sit-down at the Aspen Ideas Festival, the billionaire hinged his argument on the influx of institutional players via ETFs, name-checking Larry Fink’s BlackRock.
 
Thiel highlighted an ideological shift in Bitcoin from its cypherpunk ideals, marked by privacy, decentralization, and stiff resistance to government control. However, a flurry of Bitcoin treasury companies, institutional asset managers, and governments launching strategic reserves with the asset have forced Thiel to lower his price target.
The PayPal co-founder revealed that he still holds a small portion of BTC in his portfolio, reiterating his regrets for underinvesting in the asset.
A Case For Bulls
While Peter Schiff has issued a bleak forecast for BTC, several experts are bucking the trend with bullish projections. Strategy founder Michael Saylor is eyeing an end-of-year BTC price of $150,000 while making a strong case for a $1 million valuation before the end of the decade.
Cardano founder Charles Hoskinson has also predicted a BTC price of $1 million, but did not disclose a timeline for the asset to reach seven figures. Meanwhile, Bitmex co-founder Arthur Hayes noted that Bitcoin’s four-year cycle is dead, noting that the sharp declines and parabolic rallies will be few and far between.