According to the Wall Street Journal, ane of Facebook’second early backers has been buying millions of dollars worth of Bitcoin. Peter Thiel is 1 of the co-founders of PayPal too was an early on bird investor inwards the social mesh Facebook before it became the global giant it is today.
The Wall Street Journal reports that Peter Thiel’second investment vehicle, Founders Fund, purchased somewhere in the region of $fifteen to $twenty meg of Bitcoin. The enterprise upper-case letter business firm told its investors that Bitcoin’sec remarkable 2017 functioning, which saw tape surges inwards value, had made Founders Fund holdings inwards the cryptocurrency straight off worth hundreds of millions.
The WSJ report coincided with the toll of Bitcoin rising past 13.5 percentage to only over the $15,000 per unit of measurement score, with the trading of Bitcoin futures on the CBOE temporarily halted.
Volatile End To 2017
Although Bitcoin had a shaky terminate to 2017, losing half its value inwards the infinite of a month, the overall gains have been spectacular. The leading cryptocurrency increased inwards value by ane,375 pct, rocketing from a value of $1000 in Jan 2017 to $xiv,292 on the twelvemonth’second terminal day of trading, Fri 29th December.
When speaking at an upshot inward Oct of last year, Thiel had warned that more or less were “underestimating” the strength together with importance of Bitcoin, and joined others in comparing the cryptocurrency to gold. He predicted that if Bitcoin did “end upward being the cyber-equivalent of gilded” it would have a slap-up deal of potential increment nevertheless to come up, alongside its value continuing to multiply for several years.
Bitcoin Live Chart
Founders Fund was as well reported past the Journal to accept warned investors that historically high valuations of individual tech companies had made investing inward them every bit risky together with unsafe as ever.
Another enterprise capitalist who has bet too won big on Bitcoin is Tim Draper, who bought upwardly or so 30,000 bitcoins at a 2014 U.due south. Marshals Service auction, together with confirmed to inward December that he was all the same property all of those coins. According to data compiled past analytics company PitchBook Data, during 2017 venture capital investors ploughed over $1 billion into backing cryptocurrency startups.