Bitcoin Up, Alts Down; BTC Pumps on Report of Founders Fund Investment

Bitcoin rises after report says early Facebook investor Peter Thiel is buying massive amounts

PayPal co-founder and a Silicon Valley investor Peter Thiel has made his latest investment - Bitcoin.

Bitcoin was treading above the $15,000 (£11,059) mark on Wednesday, spurred by a press report stating that USA venture capital firm Founders Fund had placed a major bet on the volatile cryptocurrency.

According to research site CoinDesk, bitcoin is trading at US$15,112, after ending 2017 at about US$14,000.

Though the investment amounts to a rounding error for Thiel's Founders Fund firm, which has more than $3 billion under management, it represents a departure from the way most venture investors have approached the bitcoin space. In the hours following the release of the Journal report, the cryptocurrency surged upward in price by almost $1,000 after early trading that had already been on a more modest upward trend.

But despite the volatility, Thiel's fund seems to find Bitcoin a more promising bet than its stated goal of investing that money in startups.

Study links ibuprofen to infertility
Ibuprofen, a drug used to treat fever and pain, has been found to have a negative impact on the testicles of young men. Tests showed their testosterone levels hadn't changed, although the testes weren't producing adequate levels.

A spokeswoman from Thiel's Founders Fund has confirmed that the venture firm invested in bitcoin infrastructure companies BitPay, BitGo, Polychain and MetaStable, but declined to comment on the firm's ownership of bitcoin.

As reported by CoinDesk, Thiel was quoted in October of previous year saying he believes the critics of bitcoin are "underestimating" the cryptocurrency and that bitcoin is like gold - meaning it has more potential as a long-term store of value than as an everyday payment method. Bullish outlooks for Bitcoin continued into Wednesday, with prices breaking $15,000 by mid-morning.

NEO, which was breaking its own records today, closing in on $100, also dropped sharply following Bitcoin's rise.

Winklevoss twins Cameron and Tyler became "bitcoin billionaires" in 2017 when the price of the cryptocurrency surpassed US$11,500. "It's like a reserve form of money, it's like gold-it's just a store of value", he said.

Related News:

  • OnePlus 5T to get Android Oreo open beta

    OnePlus 5T to get Android Oreo open beta

    The company has still not revealed any details about the global roll out of Android 8.0 Oreo for its LG G6 users. Oreo update will be a major update of the OnePlus 5T smartphone and it will make your device run smoothly.
    Arpaio announces bid to run for Senate

    Arpaio announces bid to run for Senate

    Is Arpaio for real? In the past, he said, he was persuaded to stay on as sheriff rather than resign to run for governor. Within weeks of the conviction, Trump granted Arpaio a full and unconditional pardon - the first of his presidency.

    Putin calls Kim Jong Un competent and mature politician

    I just don't want to comment", adding that his attitude towards North Korea is intentional and part of a broader goal. Asked if he had spoken to Kim, Trump said "I don´t want to comment on it.
  • Woe-for-16: Browns finish winless season with loss to Steelers

    Woe-for-16: Browns finish winless season with loss to Steelers

    Need More winners against the spread? The Browns had a competitive game with the Steelers in Week 1, losing 21-18 at home . He said on December 7 Jackson will return as head coach and reaffirmed that commitment after the Browns fell to 0-16.
    UNRWA Responds to Netanyahu: We Will Continue Until Refugee Crisis is Resolved

    UNRWA Responds to Netanyahu: We Will Continue Until Refugee Crisis is Resolved

    Relief and Works Agency, known as UNRWA, of a final decision on whether funding will be discontinued or maintained, the person said.
    In China, Macron offers a horse, and a vision to counter Trump

    In China, Macron offers a horse, and a vision to counter Trump

    If China continues to ignore such calls, however, the relationship is likely to only continue to deteriorate. The 40-year-old has deployed a mix of charm and threats on his first state visit since taking office in May.
  • Microsoft says the Windows 10 Fall Creators Update has reached full availability

    Microsoft says the Windows 10 Fall Creators Update has reached full availability

    Cable today also touted tools, notably Windows Analytics, that Microsoft now offers business customers. At this time, Fall Creators Update is now available to all users running Windows 10.
    Cuomo Gives State Of State Address, Local Lawmaker Raises Questions

    Cuomo Gives State Of State Address, Local Lawmaker Raises Questions

    I don't think that has been as clear in the past as it should be", said Senator Neil Breslin. This area is in charge of Lake George and Lake Champlain.
    Tua good: Alabama wins national title with overtime touchdown pass

    Tua good: Alabama wins national title with overtime touchdown pass

    He had two atrocious misses in the game, including a 36-yard chip shot that would've won the game at the end of regulation. And Georgia lost it on a touchdown that looks eerily similar to the one Alabama scored on Monday.
  • Red Dead Redemption 2 release date leaked

    Red Dead Redemption 2 release date leaked

    Players have been waiting for a sequel to Red Dead Redemption since it was released for the PS 3 and Xbox 360 at May 18, 2010. And the second, while skirting briefly around the game's narrative, again spend a majority of its time chewing up scenery.
    Brightline booking glitch shows trains as 'sold out' before debut

    Brightline booking glitch shows trains as 'sold out' before debut

    Alternatively, riders can pay $15 for a "Select Service" trip, which includes snacks, beverages and wider seats. Construction for the Phase 2 Orlando route is expected to begin in early 2018, says All Aboard Florida.
    This might be the most stereotypical pitch of CES 2018

    This might be the most stereotypical pitch of CES 2018

    And while LG mentioned support for Alexa just once throughout the presentation, all its examples came from Google's Assistant. The trade group expects similarly stratospheric numbers this year, with unit sales approaching 44 million in the USA alone.


Most liked

India gets tough, says talks and terror don't go together
Talks were held on how to rid this region of the scourge of terrorism, how to ensure that terrorism doesn't affect this region. The confirmation of the NSA-level engagement comes nearly two weeks after news reports said the two NSAs had met in Thailand.

Hina Khan speaks bad about Shilpa Shinde and disappoints yet again
The Bigg Boss season 11 is coming to an end later this week as the four remaining contestants fight it out for the crowning glory. It has to be recalled that Akash was quite close to Arshi, he hugged her, kissed her and even shared the same bed.

EPS for Kinder Morgan, Inc. (KMI) Expected At $0.18
It is negative, as 112 investors sold GE shares while 818 reduced holdings. 110 funds opened positions while 558 raised stakes. Wesbanco Savings Bank Inc reported 0.04% of its portfolio in Kinder Morgan, Inc . (NYSE: KMI ) for 246,406 shares.

Justin Bieber and Selena Gomez Step Out for Hot Pilates Session
Bieber also hinted that he was in a tropical location with social media posts over the weekend . Sources, however, told People that the "Love Yourself" singer was exactly where he had to be.

PlayerUnknown's Battlegrounds Xbox Players Pass 3 Million
However, the announcement of its Xbox Game Preview launch last month was welcomed as a surprise treat. Xbox One gamers were faced with many issues while playing the game such as frequent crashes .

What Is 'Tide Pod Challenge'? Latest Social Media Craze Has Doctors Worried
By 2015, jokes about wanting to consume the pods had become so rampant that even The Onion had to satirize the topic. The packets can also cause vomiting, throat burns and eye injuries. "I can not believe that people are doing this".

Erdogan's spokesman: Turkish banker's U.S. conviction 'scandalous'
Atilla, 47, is one of nine people indicted in the case, seven of whom were in Turkey where they haven't been tried. Atilla is charged with bank fraud, money laundering and four separate conspiracy charges.

Stephen Curry Scores 38 Points vs. Grizzlies in Return from Ankle Injury
In that game, Tyreke Evans and Marc Gasol combined to go just 9 of 31 from the floor, with Evans finishing with a mere ten points. While Kerr said Curry had done everything in his power to prepare to get back Saturday, "there's no substitute for game action".

Arrested during Iran Unrest
Haley continued her tough talk in front of the U.N., noting the neglect of human rights by some U.N. According to NBC News , the protests in Iran are over.

Randy Moss, Ray Lewis highlight list of 15 modern-era finalists
Other returning finalists are safeties John Lynch and Brian Dawkins , running back Edgerrin James and cornerback Everson Walls . Players are eligible to be a Modern-Era finalist for 20 years before they become a Senior finalists.

Detroit Pistons interested in acquiring Nikola Mirotic
Johnson has also reported that the Jazz have expressed "preliminary interest" in the forward, but nothing is imminent. The team has been 12.6 points better per 100 possessions when he's on the court this season.

Saquon Barkley Signs With Jay Z's Roc Nation Sports
Roc Nation is relatively new to the sports agency world, having launched its sports division just five years ago. He leaves Penn State as the program's all-time leader in rushing touchdowns and career all-purpose yards.

Iran holds out hope for survivors on burning oil tanker
Poor weather continued to hamper the rescue work, Lu Kang, a spokesman at China's foreign ministry, told a regular news briefing. Photos on the Chinese Ministry of Transportation's microblog showed thick black smoke pouring from the ship on Thursday morning.

Liverpool legend set to appear on Celebrity Big Brother
Speaking about her stay inside the house, which definitely has its own challenges, Barrie said, "It's a new adventure for me". Tuesday evening saw the launch of Celebrity Big Brother's "Year Of The Woman" as an all female cast entered the house.

Cindy Crawford Revives Sexy Pepsi Ad for the Super Bowl
The ad, titled "This is the Pepsi", will debut February 4 during Super Bowl LII as part of the Pepsi Generations campaign. The new ad appears poised to hark back to Pepsi's pop culture glory days.