Former PayPal co-founder, venture capitalist, and entrepreneur Peter Thiel has reportedly been passionate about the cryptocurrency space for a long time. According to reports from the Wall Street Journal, the early Facebook investor and his venture capital firm Founders Fund have invested close to $20 million in bitcoin in the past year. Peter Thiel said that bitcoin is “underestimated” and claimed that “it has great potential left”. He strongly believes in the security behind bitcoin and qualifies the digital currency as “unhackable”. He also added that it is a “store of value” and compared it to gold. However, Thiel stays wary of other cryptocurrencies.
As a result of this news, the price of bitcoin went up by almost 15% and reached $15,000 again, after it had seen a decline for a few days. The bitcoin market is well known for its volatility and it usually reacts very strongly to news and regulations. It is uncertain why the price of bitcoin has roared back to where it was in December, but it could be strongly correlated to this news.
Other big names have been very interested and even involved in the cryptocurrency community. British businessman John McAfee is extremely active on Twitter, where he shares his views and opinions on some cryptocurrencies he believes in. He recently started giving his “coin of the day”, where he shares insights on one currency per day. As a result, these currencies have spiked in price every time. Former U.S. Congressman Ron Paul is a strong advocate of bitcoin and wants other people to believe in it as well. He even recommends people use retirement savings to invest in bitcoin. It seems bitcoin is gaining attention from numerous celebrities and popular names in politics, business or even artists.
In 2018, we could see more and more big investors joining the cryptocurrency frenzy. Bitcoin is catching people’s attention and we could see a lot of money flowing into the market this upcoming year. With Wall Street (CBOE and CME) launching bitcoin futures trading in December, and E-trade Financial adding CME futures trading for its customers this week, big money is right around the corner. In addition, nations and governments are watching bitcoin and other cryptocurrencies closely. Regulations and nation-backed coins could also shake the world of digital currencies. The year is only starting, but it is already clear that it will be a milestone year for cryptocurrencies.
TLDR: Facebook investor and PayPal co-founder has announced he has invested millions of dollars in bitcoin, with his venture capital firm called Founders Fund, in 2017. As a result of this news, the price of bitcoin went up significantly, reaching past $15,000.