Bitcoin Grows Amid News That Elon Musk’s Rival Piles Millions Into BTC

Bitcoin Grows Amid News That Elon Musk’s Rival Piles Millions Into BTC

The person, who around 17 years ago took Elon Musk’s position of the CEO at PayPal within the leadership feud, has now hit the headlines regarding cryptocurrency investment. Peter Thiel’s name, who once invested in Facebook, has reportedly stirred excitement in the bitcoin community amidst the news that his venture-capital firm Founders Fund has purchased millions of USD in BTC.

Bitcoin Rises Amid Good News

Citing sources aware of the case, The Wall Street Journal informed that Thiel’s Fund has been piling massive sums in bitcoin since the middle of 2017. And even though it remains unknown whether the company marketed bitcoins back, this cryptocurrency experienced a more than 13%-rise in value after the news came out.

Bitcoin’s price surged to approximately $15,000 after the WSJ released the statement. As CNBC reports, after its price grew up, Cboe shortly shut down bitcoin futures trading as it is demanded by the previously settled regulation.

As the online newspaper reported, Thiel’s firm purchased around $15-20 million of BTC. Moreover, the venture-capital company informed investors that those assets are equal to hundreds of millions of USD after bitcoin skyrocketed at the end of the last year.

Bitcoin In The Eyes of Thiel

Peter Thiel has been well-known for his entrepreneurship and investment activities. Being a part of the so-called “PayPal-mafia”, back in 2004 he invested $500,000 in Facebook and joined its board. Thiel’s Founders Fund has a broad portfolio which includes Spotify, Airbnb, and Stripe.

Last year October Thiel claimed that bitcoin is kind of underrated by people. He also compared this cryptocurrency to such ore as gold. Moreover, Thiel said that bitcoin would have a lot of potentials, should it become the cyber-clone of gold.

Such news, perhaps, indicates that there is taking place a bitcoin’s mainstream adoption. So if more giant investors pile into the “Big Daddy”, then the Winklevoss twins should start worrying about heavy-weight rivals.

Image Source: Reddit

Chart Source: Coinbase