PayPal Co-Founder Reveals The Reason Behind Increasing Bitcoin ($BTC) Price

By Prashant Jha
November 1, 2021 Updated November 1, 2021
Best In



Bitcoin (BTC) has already dipped below $60,000, but overall BTC price action suggests that the amazing 2017 bull run is still in play

Peter Thiel, the co-founder of Paypal in a recent statement claimed he knows what’s driving Bitcoin price up this October. Thiel, the billionaire entrepreneur has been an avid Bitcoin proponent, and when the top cryptocurrency rose to a new all-time-high (ATH) in the second week of October, Thiel showed signs of FOMO claiming he was underinvested in $BTC.

During his recent appearance at the second National Conservatism Conference, the billionaire co-founder claimed that the rise in the price of crypto assets proves that inflation is real and went on to criticize Federal Reserves for downplaying it and bringing it under control. At a time when inflation is running havoc on the economy despite several assurances from various government agencies, Bitcoin and other crypto-assets have touched a record high. Thiel said,

“You know, $60,000 Bitcoin, I’m not sure that one should aggressively buy,” he said. “But surely what it is telling us is that we are having a crisis moment.”

Theil believes the Feds could have taken more appropriate measures to protect the consumers rather than downplaying it. While the inflation was definitely expected, given the Coronavirus led several governments to print more money for stimulus packages.

Bitcoin Continues to Consolidate Above $60K

Bitcoin price continued to consolidate above $60,000 after a flash crash last week that saw the price retrace to sub-$58K levels. October proved to be a highly bullish month for the top cryptocurrency as it added nearly $20K to its price. $BTC was trading under $45K at the start of the month but soon rose to a new ATH of $66,973, just short of the $67K mark. $BTC was trading at $60,793 at the time of writing with a 1% surge in price over the past 24-hours.

Source: TradingView

The last quarter has historically proven to be bullish for the top cryptocurrency and as we enter November on a high, market pundits expect $BTC to get closer to $100K.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story