Bitcoin Gains on Report Peter Thiel Makes Bet on Cryptocurrency


We recently reported that Bitcoin has surged by nearly $2000 to cross the $15,000 mark.

People are "underestimating" bitcoin and it has "great potential left", billionaire investor Peter Thiel said on Thursday.

Founders Fund, the venture-capital firm co-founded by Thiel, has amassed hundreds of millions of dollars of bitcoin, the Wall Street Journal reported Tuesday, citing unnamed people familiar with the matter. After the massive growth that the currency showed past year, this is now valued at hundreds of millions of dollars.

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The world of cryptocurrencies works not only on economics and technology but also on sentiments.

But despite the volatility, Thiel's fund seems to find Bitcoin a more promising bet than its stated objective of investing that money in startups. He is also a visionary in the world of technology as he invested in Facebook in very early stages. "You don't actually need to use it to make payment", he said at the time.

The price of the digital currency rose by more than 13 per cent to hit $15,393 on Wednesday morning London time after the report, according to news site CoinDesk's Bitcoin Price Index.