Peter Thiel, former PayPal CEO and co-founder of Founders Fund, recently expressed skepticism about Bitcoin's future price potential, suggesting it is unlikely to see a "dramatic" increase from its current levels.

However, several industry experts challenge Thiel's viewpoint, arguing that Bitcoin still has substantial room for growth.

As of press time, Bitcoin was trading at $60,300, showing a decline of nearly 2% over the past 24 hours.

Thiel made these comments during an interview with CNBC at the Aspen Ideas Festival on June 27. He mentioned that he continues to hold "some Bitcoin" and regretted not buying more in the past. Thiel's venture capital firm, Founders Fund, has been involved with Bitcoin since 2014, having profited $1.8 billion from selling before the 2022 market downturn. In 2023, the firm also purchased $100 million worth of Bitcoin when it was trading below $30,000.

Regarding Bitcoin's future, Thiel indicated that the optimal time to buy was last year and suggested that the cryptocurrency is unlikely to experience significant growth in value in the near term. He stated:

"I’m not sure it’s going to go up that dramatically from here."

Thiel did not elaborate on his reasoning behind this belief, but his cautious outlook contrasts sharply with many industry experts who foresee continued growth for Bitcoin in the months ahead.

Pierre Rochard, VP of Research at Riot Platforms, believes Thiel underestimates Bitcoin's potential, noting that global adoption of Bitcoin remains below 1%, implying substantial room for expansion. Rochard and others in the industry predict that increased adoption and integration into financial systems could propel Bitcoin's price considerably higher.

Mark Yusko, CEO of Morgan Creek, emphasized Bitcoin's limited supply as a key driver of its future value, foreseeing increased demand boosting its price. Cathie Wood, CEO of ARK Invest, also sees institutional interest as a positive indicator for Bitcoin's future, with her firm projecting a bullish scenario where Bitcoin could reach over $1.5 million per token by 2030 as adoption grows.

Michael Saylor, chair of MicroStrategy, is optimistic about Bitcoin's future, predicting it will outperform gold and become a highly sought-after asset due to its potential for capital preservation and appreciation in the coming years.