Peter Thiel's Venture Capital Company Is Apparently Big Into Bitcoin

Bitcoin rises after report says early Facebook investor Peter Thiel is buying massive amounts

Peter Thiel's fund owns 'hundreds of millions' worth of Bitcoin - report

It's unclear whether Founders Fund has sold any cryptocurrency holdings since initial purchase. But in recent months, however, some have overcome their reluctance and are actually beginning to integrate Bitcoin and other digital currencies into their systems.

It is not now known whether or not Founder's Fund has liquidated any of the Bitcoin in its reserves.

Over the past year, the value of bitcoin has shot up rapidly. According to the WSJ, Fund invested $15-20 million into Bitcoin, which has resulted in hundreds of millions in the past year, as the price of Bitcoin has risen up by 1400% since January 1, 2017.

Per Bitsonline's resident technical analyst Ramiro Burgos' latest report, the bitcoin price now seems poised to make a sustained, long-term rally toward the astonishing $50,000 Dollars milestone.

But, bitcoin's future, as its price levels, looks very fragile and volatile.

Founders began buying into bitcoin before the recent volatility, and the decision was made by Thiel and Founders' other investment partners, the unnamed sources told the Journal.

Bitcoin rose above its $15,000 plateau, despite spending much of Monday below US$13,000.

Peter Theil, is one of the early investors of Facebook, co-founder of PayPal and a member of President Trump's tech advisory council.

If this incredible surge materializes, Thiel and his fellow investors will join the Winklevoss twins as being confirmed "Bitcoin Billionaires". Thiel bought large sums of bitcoin that are now worth more hundreds of millions of dollars.

The increased interest in altcoins will certainly affect the price of Bitcoin, but apparently, no cryptocurrency will be able to beat that price point anytime soon.

"It is like a reserve form of money", Thiel said.

The confirmation of Thiel's hand in Bitcoin is perhaps ultimately unsurprising, as the venture capitalist commented back in the fall that "If bitcoin ends up being the cyber-equivalent of gold it has a great potential left".

In October, Thiel reportedly said during an investment conference in Saudi Arabia that people are "underestimating" Bitcoin and he compared the cryptocurrency to gold.

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