Billionaire Tech Investor Peter Thiel Makes Monster Bet on Bitcoin

peter thiel makes monster bet on bitcoin

Bitcoin prices are soaring (again) following a Wall Street Journal report about Peter Thiel making a monster bet on the aforementioned cryptocurrency. After a relatively disappointing start in 2018, Bitcoin prices just broke above $15,000 (up $1200) since the WSJ wrote an article claiming that the billionaire tech investor amassed a massive position in recent months in Bitcoin. As The Wall Street Journal reports, Peter Thiel, who is the co-founder of the venture capital Founders Fund has amassed $100s of millions in world’s “most expensive” and hugely volatile cryptocurrency, according to “people familiar to the matter”.

According to insiders, Peter Thiel began investing heavily in Bitcoin starting with mid-2017 and after the cryptocurrency started rising in the past year, the $15-$20 million initial investment quickly transformed into hundreds of millions of dollars. Founders started buying Bitcoin for its investors prior to the cryptocurrency’s recent volatility. Peter Thiel is a billionaire tech mogul and an outspoken libertarian, who among other things, co-founded PayPal,world’s biggest digital payments service. The 50 year old tech-guru is also heavily invested in Facebook from the beginning.

As per the research site CoinDesk’s data, Bitcoin prices on Tuesday afternoon were up 10% to $14,783, after a disappointing $14,000 at the end of 2017. Peter Thiel regards Bitcoin as a charismatic cryptocurrency:

“While I’m skeptical of most of them, I do think people are a little bit underestimating bitcoin, specifically, because it is like a reserve form of money. If bitcoin ends up being the cyber equivalent of gold, it has great potential.”

Now, if you ask me, this was probably leaked by Peter Thiel himself, while he’s dumping some of his holdings, the oldest trick in the book. Never forget that the same pundits who are now lionizing Bitcoin’s bubble were saying Hillary would win and the whole nine yards. Bitcoin is the most price manipulated pink sheet stock in history.