Wednesday, 29 January 2020

Peter Thiel’s firm owns ‘hundreds of millions’ in bitcoin

Silicon Valley billionaire Peter Thiel’s venture capital firm Founders Fund invested $15 to $20 million in bitcoin earlier this year, and has reaped a bundle from its stratospheric growth.
Thiel’s fund now has “hundreds of millions of dollars” worth of the cryptocurrency, according to a Wall Street Journal report.

The investments are spread across a number of the firm’s most recent funds, including one that only began investing in the middle of 2017.

Bitcoin was valued at around $1,000 at the beginning of 2017, and climbed to nearly $20,000 in recent months — though the ride has been rocky.

Still, the cryptocurrency’s volatility has not put off some high-profile investors, such as the Harvard-educated Winkelvoss twins who revealed recently that they have become bitcoin billionaires.

Bitcoin’s future is murky. Last week, South Korea warned Thursday that it may shut down digital currency exchanges to avoid potential cryptocurrency trading scams.

“The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” the South Korean government said, adding that anonymous trading accounts will also be closed.

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