Bitcoin Soars Above $15,000 After WSJ Reports Peter Thiel Makes "Monster Bet"
Content adapted from this Zerohedge.com article : Source
Update (1420ET) - Well that escalated quickly. Bitcoin just broke above $15,000, up $1200 since Thiel headlines hit..
Bitcoin prices are soaring (following a disappointing start to the year) after reports that billionaire tech investor Peter Thiel has BTFD in recent months and** amassed a massive position in the cryptocurrency**.
The Wall Street Journal reports that Founders Fund, the venture-capital firm co-founded by Peter Thiel, has amassed hundreds of millions of dollars of the volatile cryptocurrency, people familiar with the matter said.
The bet has been spread across several of the firm's most recent funds, the people said, including one that** began investing in mid-2017 **and made bitcoin one of its first investments.
**Mr. Thiel made the decision to buy up bitcoin together with Founders' other investment partners, **a person familiar with the matter said.
The bitcoin bet is quickly showing promise. Founders bought around $15 to $20 million in bitcoin, and it has told investors the firm's haul is now worth hundreds of millions of dollars after the digital currency's ripping rise in the past year.
It isn't clear if Founders has sold any of its holdings yet. The bet hasn't been previously reported.
Bitcoin surges over $600 on the news, breaking back above $14,000...
Founders began buying in for its investors before the recent volatility, the people familiar with the matter said.
Notably, Mr. Thiel, who is an outspoken** libertarian, co-founded digital payments service PayPal,** perhaps adding further to his credibility with regard the cryptocurrency purchase.
I get the feeling these guys got in at much lower prices and are now trying to pump the price to unload. There is no other reason to make such a public announcement. This guy just borrowed a page out of Charlie Lee's (Litecoin founder) playbook.
Scary thought, but not out of the realm of possibility.
The fund is required by law to periodically report its holdings. End of 2018. That's probably all it is.
This comes as no surprise.
I believe we will read more of these articles in the future about,not only bitcoin, but alt-coins too. The marketcap went from $250B to $625B in less than a month...that only happens with big money players entering the picture. Thiel is not the only one.
The leading edge financial guys are all over crypto...bet the ranch on that. They see the opportunity to get ahead of everyone else. So while most on Wall Street are still trying to attack Bitcoin since it is a threat, they guys are dumping plenty of cash into them.
They know the multiples they will gain very soon.
I look for 2018 to be another enormous year for the price of many of the cryptocurrencies.
The monster race has began and the friends trading the Futures are slapping their chest, but for the first time the "MainStreet" men have their foot in the race hopefully no one sold to the garbage of Bitcoin fall but it would be a crazy ride, I expect it to rip through 20K by the end of the month
I agree with you. @daudimitch
But I see it will not exceed 22k
The patch has been downgraded
You must be aware of the market together The rise of the leader btcoin will break The hope to close the winning trades and convert your Trotch to bitcoin
Good luck, my friends
My friend Bitcoin has always been a solid long-term investment, never in its history has the future been clearer, ignore the story of fees, we must not be to quick to jump to the easier road as security then becomes a concern, as the technology evolve the fees would come down... Bitcoin 78K by December, Bitcoin 24K by the end of the month... There are many salesmen around now, at the end of the day, they all asking for the same thing without offering anything in return, you know what they all want, your BTC, its still the bridge and backbone to this entire ecosystem... Always remember as Bitcoin prosper so to would the altcoins directly or indirectly associated with it
22K by the end of the month?
I do not think but bitcoin
He is the spiritual father of all encrypted digital currencies and will stay the best and whatever falls will rise again
That's great news when we needed it. Hopefully this changes the direction for the positive. I wonder if there will be some exciting news from a PayPal innovation that uses bitcoin
Peter Thiel does not have a stake in PayPal since Ebay acquired it in 2002, so I don't think it is up to him to decide.
I didn't know that, sorry for the false info. We're always learning on steemit : )
No problem. Glad to help :P
Trying not to get political but Mr Thiel serves on Donald Trumps technology advisory council if what I have read is correct so I am wondering if he has brought them for himself or has the government a hand in their purchase ??
As it stands at the moment Bitcoin is estimated to be the most valuable in the Founders 1.3billion venture fund and they have brought Bitcoin outright instead of backing other companies which is the normal policy.
There has to be a reason they have broken their long standing tradition
I'm here doing my best to learn technical analysis in order to get a better understanding of the markets and then news like this always affects the markets in a way that I don't expect. Lol. This whole surprise game is so much fun to me. I love these crytpo markets.
It's amazing how much still depends on the few.
And besides, ¿Why is it so important that this guy is invested in crypto? For once, I think he doesn't really know much more than the average guy so may be the title has it right.
It was a bet.
He's useful for a confidence boost to the market maybe.
Peter Thiel is a pretty smart guy but I really dont know if he has the ability to move the market that much. I dont think the rally is that much linked to his statement.
As institutional investors slowly trickle in.....we will see the largest movement in history. HODL on everyone and prepare for the ride!
Slowly trickle in?
I think they are going to enter this market like wild fire....we already witnessed a $375B move in under a month.
Now we have a $125B move in a couple days.
It is safe to say Wall Street is here in full force. All the hedge funds we heard about in 2017, opening up to invest in crypto. We now know they are funded and buying.
I expect it only to grow as we move along in 2018. This is a train few on Wall Street want to miss.
thank u, hodl my friend