Peter Thiel Betting Millions on Bitcoin

Lloyd Doyle
January 12, 2018

"[Thiel's] bet has been spread across several of the firm's most recent funds, the people said, including one that began investing in mid-2017 and made bitcoin one of its first investments".

It is a fact that many regulators are now looking at the bitcoin industry pretty seriously and are looking to push through regulations to restrict the trading in bitcoins. But it would also make it more legitimate and bring in the bigger investors and prove that it is here to stay.

Bitcoin, which saw an incredible 2017, started the year priced at $1,000 and reached $20,000 in December, before dipping ahead of Christmas and fluctuating between the $13,000 and $14,700 range.

After a fairly slow New Years weekend which saw Bitcoin prices drift down from $15,000 to the low $13,000's, the latest spark in the digital currency's rise to stardom has come late Tuesday in the form of a major endorsement from a very respected and successful Silicon Valley investor. The Wall Street Journal has earlier reported the firm's bitcoin purchases.

According to Reuters, bitcoin may revisit its December 17, 2017 high of $19,666 in three months, as suggested by its wave pattern. Bitcoin continues to make global headlines on an nearly daily basis, and Thiel seems to be effectively leveraging that furor.

Founders move to actually purchase bitcoins is a split from other venture capital firms which have tended instead to invest in companies and technology that use bitcoin, as opposed to investing in the currency directly. "It's like gold and it's just a store of value".

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".

When discussing all types of cryptocurrencies, Thiel pointed out: "While I'm skeptical of majority, I do think people are a little underestimating Bitcoin specifically".

Other reports by Iphone Fresh

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