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

Marco Green
January 12, 2018

And while it has the potential to multiply its value several times over in the coming years, it also has the chance to end its run with a significant loss. The cryptocurrency has gained 8.6% in the past 24 hours.

According to Journal sources, Founders purchased between 15 and 20 million worth of bitcoin, which is now worth hundreds of millions of dollars.

Secondly, it's shows a shifting of priorities for a Silicon Valley venture capitalist to be putting money into anything but a start up - many thought cryptocurrencies weren't really on their radar until now.

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.

Founders Fund, a San Francisco based venture capital firmed owned by Peter Thiel has invested millions of dollars in Bitcoin since previous year, as confirmed by The Wall Street Journal (WSJ).

Founders Fund manages around $3 billion of assets, which makes its investment into bitcoin very minor.

As of now, Bitcoin community seems to be having a great thrust as the WSJ has confirmed the investment of Founders Fund.

Bitcoin's price has been a subject of much debate throughout 2017 as it continued its erratic rise and fall, ending the year at $14,000.

(Thiel is a co-founder of PayPal and one of the first investors in Facebook.) "Peter has a pretty darn good track record on catching trends", Michael Manuel, president of Sovereign Wealth Fund Institute, an organization researching investment activities of government-backed funds, commented on the news on LinkedIn.

That is the quandary that the bitcoin industry is facing at this point and that is the reason why we are seeing some choppy trading in the markets over the last couple of weeks.

In an October conference, Thiel compared the digital currency to gold.

Other reports by Click Lancashire

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