Tech billionaire **Peter Thiel**, known for co-founding **PayPal** and **Founders Fund**, has expressed skepticism about **Bitcoin's** (BTC) future price growth.  In a recent **CNBC interview**, Thiel stated that he's unsure if Bitcoin will experience significant price increases from its current level. He questions who will continue buying Bitcoin, especially after the launch of **Bitcoin ETFs**. Thiel, who still holds Bitcoin, regrets not buying more earlier. Despite his doubts, **Founders Fund**, the venture capital firm Thiel co-founded, has made significant profits from Bitcoin investments in the past. The fund bought $1.8 billion worth of Bitcoin before the market crash in 2022 and invested another $100 million in 2023, when Bitcoin was below $30,000.

Tech billionaire Peter Thiel has voiced doubts about Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) capacity for significant price growth while also expressing regret for not purchasing more of the cryptocurrency.
What Happened: Thiel, who co-founded payments giant PayPal and the Founders Fund, expressed skepticism about King Crypto&#8217;s price potential during a recent CNBC interview, saying, &#8220;I&#8217;m not sure it&#8217;s going to go up that dramatically from here. We got the ETF edition, and I don&#8217;t know who else buys it.&#8221;
Thiel, who still holds some Bitcoin, expressed regret for not purchasing more of ...<a href=https://www.benzinga.com/markets/cryptocurrency/24/07/39569413/billionaire-peter-thiel-voices-skepticism-on-bitcoins-future-growth-im-not-sure-its-going- alt=Billionaire Peter Thiel Voices Skepticism On Bitcoin&#039;s Future Growth: &#039;I&#039;m Not Sure It&#039;s Going To Go Up That Dramatically&#039;>Full story available on Benzinga.com</a>

Loading...Loading...Tech billionaire Peter Thiel has voiced doubts about Bitcoin’s BTC/USD capacity for significant price growth while also expressing regret for not purchasing more of the cryptocurrency.What Happened: Thiel, who co-founded payments giant PayPal and the Founders Fund, expressed skepticism about King Crypto’s price potential during a recent CNBC interview, saying, “I’m not sure it’s going to go up that dramatically from here. We got the ETF edition, and I don’t know who else buys it.”Thiel, who still holds some Bitcoin, expressed regret for not purchasing more of the digital currency. “I didn’t buy as much as I should have,” the entrepreneur remarked. See Also: Cathie Wood’s Ark Invest Acquires $7.3M Worth Of Shares In This Promising Netflix Competitor, Sells Off Coinbase Stock Amid Bitcoin SlumpThiel also noted that Bitcoin hasn’t fulfilled its original vision as a cypherpunk, crypto-anarchist, and anti-establishment freedom tool, instead integrating more with traditional finance of late with the launch of spot ETFs. Why It Matters: Despite his doubts, Thiel’s Founders Fund, a venture capital firm established by him, has 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.Price Action: At the time of reporting, Bitcoin is trading at $63,259.56, up 3% over the last 24 hours, according to data from Benzinga Pro.Read Next: Bitcoin May Face Another Correction, Dropping To $55,000, Predicts Crypto AnalystImage Via ShutterstockMarket News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Billionaire Peter Thiel Voices Skepticism On Bitcoin's Future Growth: 'I'm Not Sure It's Going To Go Up That Dramatically'

Peter Thiel Doubts Bitcoin's Future Growth, Despite Past Investments

### BlackRock's Insight on Bitcoin's Market Behavior

BlackRock has reported a **surge in client interest** following Bitcoin's recent **decoupling from tech stocks**. This pivotal shift is seen as a crucial factor for its investment potential, according to Robbie Mitchnick, the firm's head of digital assets.

**Bitcoin's Correlation with Risky Assets**  
Mitchnick emphasized that the **correlation between Bitcoin and tech stocks** will be an **absolutely critical driver** for its future. He stated, “If Bitcoin trades more like a tech stock, it is not very interesting to institutions.” However, if Bitcoin can operate with **low or even negative correlation** to high-risk events, it may become a **vital asset for institutional portfolios**.

### Institutional Perspective Shift

Mitchnick's remarks came after his participation in the **Token2049 crypto conference** in Dubai. He noted that as Bitcoin begins to **decouple from equities** and establish itself as a lower-volatility asset, the conversation among institutions may shift from **“Is this too risky for us?”** to **“Might it be risky not to own any?”**  

### A Safe Haven for Investors

The current trend suggests that Bitcoin is beginning to behave more like a **safe haven asset**, akin to gold, rather than a risky investment. This sentiment was echoed by Eric Balchunas, a Bloomberg ETF analyst, who mentioned that institutions are increasingly seeking **“digital gold”**, a reliable asset that can hedge against inflation and market volatility.

### BlackRock's Dominance in the Bitcoin ETF Market

As the world’s largest investment firm managing approximately **$12 trillion** in assets, BlackRock's influence in the cryptocurrency space is significant. Their Bitcoin exchange-traded fund (ETF), which has amassed around **$57 billion** since its launch in January 2024, reflects growing institutional interest. BlackRock also operates the **iShares Bitcoin Trust** and **iShares Ethereum Trust ETFs**, maintaining a **dominant position** in the Bitcoin ETF market with about **$37 billion** more in assets than its nearest competitor, Fidelity.

**In Summary**: The ongoing **decoupling of Bitcoin from tech stocks** may not only enhance its appeal to institutional investors but also redefine its role in investment portfolios as a **potential safe haven** against economic uncertainties.  

*Andrew Flanagan is a markets correspondent for DL News. Have a tip? Reach out to aflanagan@dlnews.com*

BlackRock saw an uptick in client interest after Bitcoin’s “decoupled” from tech stocks. Bitcoin's correlation to risky assets is key to its investment case, said the firm's crypto head.  

Why BlackRock Believes Bitcoin's Shift from Tech Stocks is a Game Changer

### Key Takeaways
- **Bitcoin** has surged to its highest point since February, approaching the **psychological $100,000** level.
- In a significant move for the bulls, the cryptocurrency broke out above a **pennant pattern**, indicating potential for further gains.
- Investors should closely monitor critical overhead levels at **$100,000** and **$107,000**, alongside key support levels around **$92,000** and **$85,000**.

Bitcoin has recently rallied to its peak in over two months, putting it back in striking distance of the **$100,000 mark**. The digital currency's price increase was fueled by news that **Morgan Stanley** is considering integrating **spot cryptocurrency trading** into its **E*Trade platform** next year. Additionally, **MicroStrategy** announced plans to acquire more Bitcoin through a substantial **$21 billion equity offering**, contributing to an optimistic market sentiment.

Currently, Bitcoin is up approximately **30%** from its early-April low as investors look to **diversify** their portfolios amid economic uncertainties. This surge indicates a growing perception of Bitcoin as a potential **safe haven** asset amidst market volatility.

### Pennant Pattern Breakout
After breaking out from a **descending channel** last month, Bitcoin's price experienced a sharp rise before consolidating within a narrow **pennant pattern**. A breakout above this pennant's upper trendline occurred recently, signaling further upward momentum. The **relative strength index (RSI)** also supports this bullish sentiment, nearing overbought levels.

However, it is essential to note that **trading volumes** have remained below average, suggesting that larger market participants might be hesitant to engage in the current bullish price action.

### Crucial Overhead Areas to Watch
The first critical area of resistance is at **$100,000**, which is expected to act as a significant barrier. If Bitcoin can surpass this level, it could extend its gains towards **$107,000**, where investors may consider locking in profits from previous lower price accumulations. This level aligns with notable swing highs from December and January.

### Key Support Levels Worth Eyeing
During potential pullbacks, the **$92,000** level is crucial to watch. This retracement zone could attract buying interest, coinciding with the pennant's low and several peaks and troughs in the chart from last November. A breakdown below this level could lead to a decline towards **$85,000**, a point of interest for investors seeking entry opportunities near previous lows.

*The comments, opinions, and analyses expressed here are for informational purposes only.*

Bitcoin has surged to its highest level in more than two months, putting the digital currency back within reach of the $100,000 mark. These are the crucial chart levels to watch.

Bitcoin Nears $100,000: Key Price Levels to Monitor

### **Controversial Deal in Dubai**  
During a recent conference in Dubai, a **state-backed Emirati firm** announced a deal to utilize a **Trump-affiliated digital coin**. This revelation was made during a panel that featured **Donald Trump Jr.** and his business partner, who confidently stated, **"This is only the beginning."**  

### **Implications of the Deal**  
The announcement has raised eyebrows and questions about the **potential conflicts of interest** and the implications of a former president's involvement in cryptocurrency ventures, especially those backed by foreign entities.  

### **Geolocation and Personal Data Usage**  
The conference also highlighted the use of **geolocation data** and device identification for advertising purposes. This aspect brings to light the potential for **personalized advertising** and audience research, which could be a significant part of the digital coin's ecosystem.  

### **Future Prospects**  
As the digital currency landscape evolves, this deal could signify a new chapter in the intersection of **politics and cryptocurrency**. The remarks made by Trump’s associates suggest that there might be more developments on the horizon.

A deal for a state-backed Emirati firm to use a Trump-affiliated digital coin was announced in a panel that included the president’s son and his business partner, who promised, “This is only the beginning.”

Trump’s Digital Coin Deal at Dubai Conference Sparks Controversy

## In Brief

- **Bitcoin** surged past **$96,000** in early May, rebounding **28%** from April's **$75,000** bottom and reaching its strongest position since February's steep correction.
- Analysts attribute Bitcoin's price appreciation to **institutional interest**, including major purchases by treasury companies like **Strategy** and **Metaplanet**, coupled with steady capital inflows through **ETFs**.
- Industry experts express optimistic forecasts, suggesting Bitcoin is transitioning from a **speculative asset** to an **essential component** in institutional portfolios with the potential to reach the psychological **$100,000** threshold.

Bitcoin surged past **$96,000** as May opened, reaching levels not seen since February's steep correction when President **Donald Trump**’s aggressive U.S. trade policies began to trigger declines. Bitcoin has rebounded **21%** from its February low of **$78,900** and **28%** from early April's **$75,000** bottom. The surge past the **$96,000** price mark represents Bitcoin's strongest position since the price decline trend began the last week of February.

"**Bitcoin's recent price appreciation** is the result of long-term momentum rather than a temporary phenomenon," **Ryan Yoon**, lead research analyst at **Tiger Research**, told Decrypt.

He noted that Bitcoin is now transitioning from a **speculative asset** to an **essential component** in institutional investor portfolios. Key factors, according to Yoon, include **consistent purchasing** from BTC treasury companies such as **Strategy**. On Monday, the firm approached the limits of its equity program with another buy, after having bought **$1.4 billion** worth of Bitcoin the week before. Additionally, Japanese Bitcoin treasury company **Metaplanet**, which has amassed **$481 million** worth of Bitcoin, announced it is opening a **U.S. subsidiary**.

These factors, coupled with steady capital inflows through **ETFs**, demonstrate sustained institutional interest. However, other industry observers maintain a cautiously optimistic forecast. 

"After bottoming at **$75,000**, BTC is in the process of decoupling from other risk assets and moving back to an alternate store of value," **Andrew Lawrence**, chief and co-founder of BTC meme coin DEX **Funkybit**, told Decrypt. "I expect significantly higher prices from here, given the uncertain global monetary outlook," Lawrence added.

Still, there's an expectation of **expanded liquidity**, Yoon noted. This, combined with the psychological **'round number effect'** of **$100,000**, has driven up market sentiment and fueled the ongoing recovery.

At the time of writing, Bitcoin is changing hands at roughly **$96,200**, with volume ramping up **$7 billion** from the previous day's **$23 billion**.

"Bitcoin's recent price appreciation is the result of long-term momentum rather than a temporary phenomenon," an analyst told Decrypt.

Bitcoin Breaks the $96K Barrier: What’s Driving This Surge?

![Flag of Nigeria](https://imageio.forbes.com/specials-images/imageserve/67eaa4de3e43d371c1cf1f26/Flag-of-Nigeria/0x0.jpg?format=jpg&crop=3550,1665,x0,y23,safe&width=960)

Last month, **President Tinubu** signed into law the **Investment and Securities Act (ISA) 2025**, officially recognizing **Bitcoin** and other digital assets as securities. This monumental step comes as Nigeria continues to rank among the top nations globally for **Bitcoin adoption** and **P2P trading volumes**, according to **Chainalysis** reports.

With this new legislation, Nigerian regulators have finally acknowledged Bitcoin, albeit as a security—a classification some experts view as a misstep. Nonetheless, this development brings **much-needed regulatory clarity** to the digital assets ecosystem, paving the way for innovation and investment.

## The Investment and Securities Act (ISA) 2025
On **March 29**, the Nigerian government enacted the ISA 2025 to reform capital markets. This new Act replaces the previous **2007 Investments and Securities Act No. 29**, addressing current economic realities and challenges while empowering the **Nigerian SEC** to foster innovation and protect investors more effectively.

### Overview of The Act
The ISA 2025 designates digital assets as securities, placing them under the oversight of the Nigerian SEC. This change enhances transparency, improves investor protection, and aims to align with global standards set by the **International Organization of Securities Commissions (IOSCO)**.

### Key Highlights of The Act
- All **virtual assets** and **investment contracts** are now recognized as securities, placing **Virtual Asset Service Providers (VASPs)** and **Digital Asset Exchanges (DAEs)** under SEC supervision.
- The Act prohibits fraudulent investment schemes, allowing the SEC to impose fines and prison sentences for violations.

## Implications Of the Regulation on the Bitcoin Ecosystem
With Bitcoin's legalization, companies can explore new financial products without prior uncertainties. The ISA 2025 also provides mechanisms for investors to seek redress against fraud.

### Bitcoin As A Security
While the Act is welcomed by many Bitcoin entrepreneurs, there is concern over the potential negative impact of classifying Bitcoin as a security. Critics argue that this classification may create barriers to entry for smaller innovators in the space.

### Cost to Bitcoin Businesses
Bitcoin businesses face a rigorous transition to comply with the new regulations, which include obtaining licenses from the SEC and updating internal operations. This shift may raise operational costs and create hurdles for new ventures.

## Outlook For Bitcoin Companies In Nigeria
For experienced Bitcoin founders, the Act signifies a starting point for better communication with regulators. The future success of Bitcoin in Nigeria will rely on ongoing discussions to distinguish Bitcoin from other digital assets, ultimately fostering innovation and economic development.

We are entering a new era for Bitcoin in Nigeria as the asset and industry gain official recognition.

Last month, President Tinubu signed the Investment and Securities Act (ISA) 2025 into law, officially recognizing Bitcoin and other digital assets as securities.

Peter Thiel Doubts Bitcoin's Future Growth, Despite Past Investments

Summary:

Peter Thiel, a tech billionaire and co-founder of PayPal and Founders Fund, is skeptical about Bitcoin's future price growth.

He doubts whether Bitcoin will see significant price increases from its current level.

Thiel questions who will continue buying Bitcoin after the launch of Bitcoin ETFs.

Despite his skepticism, Thiel regrets not buying more Bitcoin in the past.

Founders Fund, the venture capital firm Thiel co-founded, has a history of profitable Bitcoin investments, having bought $1.8 billion worth before the 2022 market crash and another $100 million in 2023.

Bitcoin's current price is $63,259.56, up 3% in the last 24 hours.

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