Bitcoin has risen in price last night, shocking a lot of disbelievers and surprising many investors. The truth is, it’s been a while since we recorded some growth when it comes to Bitcoin. However, the latest surge apparently comes from Peter Thiel’s San Francisco-based venture capital firm Founders Fund that invested millions of dollars in Bitcoin, according to the Wall Street Journal.
The fund reportedly invested somewhere between $15 and $20 million into Bitcoin, making its price grow into hundreds of millions in the past year. Since January 1st 2017, Bitcoin has risen by almost 1,400%.
Thiel is a co-founder of PayPal and an early Facebook investor. He also serves on President Trump’s technology advisory council and has always spoken positively about cryptocurrencies. When asked about the future of Bitcoin, Thiel said:
“While I’m skeptical of most [cryptocurrencies], I do think people are a little bit underestimating bitcoin, specifically, because it is like a reserve form of money. If bitcoin ends up being the cyber equivalent of gold, it has great potential.”
The market has reacted as soon as the Founders Fund announcement on WSJ. The cryptocurrency has since then gone up a lot and grew more than 14% in the past few hours to a peak of $15,444 a coin.
Even though Bitcoin is volatile as of lately after hitting the all-time high of $20,000 in late December, analysts expect the price to rise, especially after this investment. There are even rumors saying that Bill Miller, a mainstream investor, invested 50% of his hedge fund money in the leading cryptocurrency.
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