Published: Fri, January 12, 2018
Business | By Tara Barton

Peter Thiel Makes Big Bitcoin Bet

Peter Thiel Makes Big Bitcoin Bet

Peter Thiel is a venture capitalist who made a name for himself in the tech industry by getting involved in some of the most successful startups to date.

Bitcoin is getting a boost from a report that billionaire Peter Thiel is making a big bet on cryptocurrency. The firm's investments in the cryptocurrency space include the crypto-focused hedge funds Metastable Capital and Polychain Capital, bitcoin payment services provider BitPay and bitcoin security platform BitGo. Since the original report, which was published in The Wall Street Journal, the price of Bitcoin has jumped just over 11%, topping out at $15,000 at the time of writing. Now Thiel and his fund are buying bitcoin outright, as opposed to investing in other companies doing the gambling.

His funds purchased around $15-$20 million of Bitcoin that is now said to be worth "hundreds of millions" according to the report. This is a significant increase from the $1,000 or so that it started 2017 with, but it's also a steep drop from its peak value during the year.

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

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But with bitcoin prices still hovering around $14,700, it's uncertain whether any investor in VCs till see a bargain. Bullish outlooks for Bitcoin continued into Wednesday, with prices breaking $15,000 by mid-morning.

In October, he called Bitcoin the gold in the cyber age at an event in Riyadh, Saudi Arabia.

Over on Stack Exchange, Bitcoin writer and researcher David Harding made and explanatory post about Channel Factories, which are a proposed method of improving the scaling properties offered by the Lightning Network.

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

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