Peter Theil believes that there is 50-80% chance that the prices of Bitcoin will go down. The prices, Thiel claims, can go down to such an extent that it will make the Bitcoin useless for all intent and purpose. But he also claimed that there is 20-50% chance that the prices can go up in the near future. Theil was surely betting against the Bitcoin this time. He said that he was not sure that he would suggest people to run out right now and buy these cryptocurrencies.