Technology

Billionaire Peter Thiel Makes Big Move Into Bitcoin

on

The PayPal co-founder shows confidence in the cryptocurrency despite recent worries swirling around the market.

Thiel’s firm, Founders Fund, has moved hundreds of millions into Bitcoin recently.

The world of cryptocurrency has burst into the mainstream in the past few months, mostly led by the boom of Bitcoin. It’s meteoric rise has been the focus of much debate in the investment and trading markets. In recent weeks, the cryptocurrency market has taken a slight hit. Though still strong in the whole, the news of South Korea (one of the largest markets for the currency) cracking down on Bitcoin had tampered the rise in the last few weeks.

Additionally, Charlie Lee, the founder of Litecoin, selling off all of his Litecoin slightly dipped the market. However, Lee’s departure from Litecoin was in ownership only. The founder still is looking to play a huge part in the crypto’s growth and development. Overall, the outlook by many for the crypto market is strong moving into 2018. This view only strengthened when word came out that Peter Thiel, the co-founder of Paypal and investor in Facebook, has jumped strongly into the market.

People are “underestimating” Bitcoin and cryptocurrency.

The Wall Street Journal reported today that Theil’s venture-capital fund, Founders Fund, has amassed hundreds of millions in Bitcoin. This is viewed as a huge vote of confidence from the investing giant.

There are wide and differing opinions on the future of Bitcoin and what levels it could eventually reach. Some say that it could crash back to nothing while others say that it could reach $1 million per Bitcoin. The reality will probably fall somewhere in between. What can be certain is that for investors on the level of Thiel to jump into the market, there is definitely some confidence in the long-term game of Bitcoin. We’re already living in a crypto world and this is only just the beginning.

 

About Bradley Brewer

Bradley Brewer

Writer/Contributor for Rogue Right Media | Founder of Liberty News 1776 on Twitter | Millennial | Christian Pro-Life Constitutional Conservative | Citizen Journalist | Second Amendment Advocate

Leave a Reply

Your email address will not be published. Required fields are marked *