One of the earliest investors in social media giants Facebook (FB) and co-founder of PayPal, Peter Thiel purchased Bitcoin (BTC) worth millions of dollars through his VC firm, Founders Fund, with the bitcoins now worth hundreds of millions of dollars at the moment.
Venture investors are becoming more interested in bitcoin (BTC)
Peter Thiel who owns and runs the Founders Fund, a venture capitalist firm purchased bitcoins worth roughly $15-$20 million last year. The excellent rally the cryptocurrency witnessed last year has now increased Thiel’s holding to hundreds of millions of dollars at the moment.
The world’s leading crypto Bitcoin (BTC) has seen its price increase by over 1,400% since the beginning of 2017, with the currency reaching an all-time high of $20,000 last month before cooling down. The original report which was published in The Wall Street Journal, the price of bitcoin has surged 11% to trade at $15,000 per coin at the time of writing this report. Whether Thiel has sold his bitcoin reserve or held on to it is something that is still unknown, but his bitcoin portfolio is assumed to be the largest piece in a firm that controls $1.3 billion venture fund.
Mainstream adoption of bitcoin continues
Traditional financial institutions have previously shunned any connection with cryptos, with concerns over their price volatility and legitimacy topping the list of their worries. Things have changed over the past few months as some of them have begun incorporating bitcoin and other virtual currencies in their networks. Exchange platforms CME Group and CBOE are two of the companies to have done that as they launched their bitcoin futures on their trading platforms during the last weeks of 2017
In other parts of the world, some countries have started adopting these cryptos while others are making plans to develop a state-sponsored digital currency. In Japan, Bitcoin (BTC) has become a legal currency while Russia is preparing to regulate cryptos and ICOs. ICOs have become an issue of concern, with regulations expected to bring some stability to how the operation is conducted. Belarus is one of the countries to make both Bitcoin and ICOs legal, further cementing their approval of cryptos by making them completely tax-free for five years.