Tech Billionaire Trump Backer Peter Thiel Also A Big Investor In Bitcoin


The Journal reported that the bitcoin investments had been spread across several of the firm's most recently launched funds, including one that was launched in mid-2017.

South Korea, who until recently represented almost a quarter of all bitcoin trading, is tightening restrictions on the market out of fear for its potentially catastrophic fluctuations in value.

The post Peter Thiel's Founders Fund Amasses "Hundreds of Millions" in Bitcoin appeared first on Bitsonline.

Bitcoin seems to be gaining global fame in the past year.

The venture capital firm bought about $15 million to $20 million in bitcoin, and told investors that after bitcoin's surge in the past year, those holdings are worth hundreds of millions of dollars, the newspaper said.

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According to the Journal, the VC firm has warned investors that bitcoin could be worth nothing, or close to nothing, in the end.

The price of the digital currency rose by more than 13 per cent to hit $15,393 on Wednesday morning London time after the report, according to news site CoinDesk's Bitcoin Price Index.

According to the unidentified person, last November, Thiel's Founders Fund thought bitcoin's price was very high, comfortably buying it at about $2,000 to $3,000.

Bitcoin has mostly hovered around the $15,000 mark in today's session and is now trading at around $14,990.

NEO, which was breaking its own records today, closing in on $100, also dropped sharply following Bitcoin's rise. Bitcoin continues to make worldwide headlines on an nearly daily basis, and Thiel seems to be effectively leveraging that furor. He compared bitcoin mining with mining for gold, calling the former more hard than the latter, and referred to the fact that only 21 million bitcoin will be created, due to the nature of the cryptocurrency's code. "It's like a reserve form of money, it's like gold-it's just a store of value", he said.