Bitcoin's price rises again as venture capital firm invests millions

12 January, 2018, 20:05 | Author: Regina Silva
  • Bitcoin's price rises again as venture capital firm invests millions

The bitcoin investment is estimated to be the most valuable part of a new 1.3 billion fund, according to the Journal. During the period, the digital currency hit a high and low of $15,300 and $12,787, respectively.

That's why Peter Thiel has gotten his latest fund off the ground by pumping its capital into an asset class that shares absolutely none of those features: cryptos!

The Bitcoin price (BTC/USD) has seen significant gains following news that one of the most prominent figures in Silicon Valley has made a substantial bet on the original cryptocurrency. They also revealed that one of the funds bought bitcoin in mid-2017, and that was the fund's first investment.

He further advised the bank to put around 1 per cent of Ghana's reserves in bitcoin. However, the price fell sharply after it reached an all-time high. This wave is expected to be totally reversed by an upward wave (5).

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Thiel's fund has already announced hundreds of millions of dollars in profit thanks to 2017's meteoric rise in Bitcoin value, from about $1,000 per coin to almost $20,000. Now Thiel and his fund are buying bitcoin outright, as opposed to investing in other companies doing the gambling. We know Thiel has been a bitcoin fan for a good while now, but you would think he'd have expanded his tastes a bit since in the past few years.

In October, Thiel reportedly said during an investment conference in Saudi Arabia that people are "underestimating" Bitcoin and he compared the cryptocurrency to gold.

The price of bitcoin surged on Tuesday afternoon following a report that billionaire investor and PayPal co-founder Peter Thiel is betting big on the cryptocurrency. "If bitcoin ends up being the cyber equivalent of gold, it has a great potential left", the WSJ quoted him as saying.

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.

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