Peter Thiel’s VC firm joins few mainstream investors betting on Bitcoin

2018/1/4 12:21:31

Peter Thiel, who invested in Facebook, PayPal, AirBnB, SpaceX, and Lyft, has now invested millions in Bitcoin.


By Andrew Ross for Born2Invest, Jan 4, 2018


One of Silicon Valley’s successful names, Peter Thiel, via his venture capital firm Founders Fund, has poured millions into cryptocurrency Bitcoin. The Wall Street Journal, citing sources familiar with the matter, said Founders invested at least $15 million in Bitcoin that are now worth hundreds of millions of dollars.


Thiel is known for being one of the early investors of Facebook. He also co-founded PayPal, a leading digital payment service. Founders Fund has invested in hundreds of companies, including Airbnb, SpaceX, and Lyft. WSJ said Founders’ bet on Bitcoin is now the most valuable investment in its most recent $1.3 billion venture fund, Founders Fund VI. The fund has reportedly not made any investments yet, and it is unclear whether Founders has sold any of its holdings yet.


“While I’m skeptical of most of them, 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,” Thiel said in an interview last October at an investment conference in Saudi Arabia.


Founders Fund has told investors that it considers the Bitcoin bet as a high-risk, high-reward investment. It looks to the possibility of Bitcoin’s value multiplying several times in the coming years.


Bitcoin soars on news of Peter Thiel investment


Following the reports of Founders Fund’s investment, Bitcoin surged by almost 14 percent to $15,444 per coin at its peak. Bitcoin’s value has risen by 1,400 percent since it started 2017 trading at $1,000 a coin. The cryptocurrency reached its all-time high in mid-December at nearly $20,000 per coin before it fell by almost half towards the end of the month, Coin Telegraph reported.


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