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Bitcoin latest: Cryptocurrency rebounds after report PayPal founder has invested millions | Bitcoin latest: Cryptocurrency rebounds after report PayPal founder has invested millions |
(about 2 hours later) | |
Bitcoin was treading above the $15,000 (£11,059) mark on Wednesday, spurred by a press report stating that US venture capital firm Founders Fund had placed a major bet on the volatile cryptocurrency. | |
Citing people familiar with the matter, The Wall Street Journal reported on Tuesday that Founders Fund – the venture capital firm co-founded by early Facebook investor Peter Thiel – had bought between $15m to $20m worth of the currency, which is now worth hundreds of millions of dollars. | |
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. | 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. |
The Journal reported that the bitcoin investments had been spread across several of the firm’s most recently launched funds, including one that was launched in mid-2017. | The Journal reported that the bitcoin investments had been spread across several of the firm’s most recently launched funds, including one that was launched in mid-2017. |
However, it did not provide details of when the investments were made or if Founders Fund had sold any of its cryptocurrency assets. | However, it did not provide details of when the investments were made or if Founders Fund had sold any of its cryptocurrency assets. |
Bitcoin has developed from being a niche investment to becoming a household term in recent months, thanks largely to its surge in value since the start of 2017, when it was trading at around $1,000. | |
It hit a record high of just below $20,000 in December last year before retreating to $12,000 within days. | |
Its value has been undulating ever since and was trading below $13,000 earlier this week. | Its value has been undulating ever since and was trading below $13,000 earlier this week. |
Billionaire tech-investor Mr Thiel, who co-founded PayPal, has courted controversy with his support for US President Donald Trump. | Billionaire tech-investor Mr Thiel, who co-founded PayPal, has courted controversy with his support for US President Donald Trump. |
Speaking with Fox Business Network in October, he said that while he was sceptical of most cryptocurrencies, bitcoin is “very underestimated”. | Speaking with Fox Business Network in October, he said that while he was sceptical of most cryptocurrencies, bitcoin is “very underestimated”. |
“It’s like a reserve form of money. It’s like gold and it’s just a store of value. You don’t actually need to use it to make payment,” he said at the time. | “It’s like a reserve form of money. It’s like gold and it’s just a store of value. You don’t actually need to use it to make payment,” he said at the time. |
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