Billionaire venture capitalist Peter Thiel is a big fan of cryptocurrency

Bitcoin rises after report says early Facebook investor Peter Thiel is buying massive amounts

Peter Thiel's fund owns 'hundreds of millions' worth of Bitcoin - report

Thiel and the Founders Fund, however, don't appear to share those concerns, and are instead pitching Bitcoin to their investors as "a high-risk, high-reward wager similar to its other venture bets", the report said. In the hours following the release of the Journal report, the cryptocurrency surged upward in price by almost $1,000 after early trading that had already been on a more modest upward trend.

Peter Thiel said Bitcoin is the gold in the cyber age.

Already, Bitcoin represents the most profitable portion of the recent $1.3 billion Founders' Fund VI.

Bitcoin rises after report says early Facebook investor Peter Thiel is buying massive amounts

He further advised the bank to put around 1 per cent of Ghana's reserves in bitcoin.

However, the price of bitcoin fell to as low as below $12,500 at the end of December, according to the price chart on CoinDesk. This wave is expected to be totally reversed by an upward wave (5). The Journal says the company claims its investment is now worth hundreds of millions of dollars.

Founders began buying into bitcoin before the recent volatility, and the decision was made by Thiel and Founders' other investment partners, the unnamed sources told the Journal.

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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.

The venture capital firm bought about $15 million to $20 million in bitcoin, and told investors that after bitcoin's surge in the previous year, those holdings are worth hundreds of millions of dollars, the newspaper said.

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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Peter Theil, is one of the early investors of Facebook, co-founder of PayPal and a member of President Trump's tech advisory council.

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