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

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

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.

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.

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:



Most liked

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.

Arctic Monkeys return is on as first 2018 festival date announced
While the beard continues to divide opinion, one thing all Arctic Monkeys fans can agree on is how excited we are for their next album.

Cam Newton key to Panthers playoffs hopes vs. Saints
Brees followed the Ginn TD by completing 7 of 7 passes for 77 yards and a 9-yard TD pass to tight end Josh Hill on the next drive. They will meet in the Wild Card Round of the National Football League playoffs on Sunday, with the game beginning at 4:40 p.m.

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.

Former Big Brother star Rebekah Shelton is not dead
A tweet from her official Twitter account on Thursday said the former reality TV star had "died unexpectedly" at the age of 32. Another replied to the message and said they would remember her as "one of the most lovable BB housemates".

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.

Teens charged in shooting of 15-year-old in Rock Hill
Smith had been a passenger in the back seat of a auto officers pulled over for speeding in North Little Rock around 1:00 p.m. As seen in the video, the three officers returned fire, killing Smith who was later pronounced dead at the scene.

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 .

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".

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.

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.

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.

Reliance Jio to Launch Its Own Cryptocurrency Called JioCoin
The source further said that Reliance Industries chairman, Mukesh Ambani's elder son Akash Ambani will be leading the project. The company is planning to build a 50-member team of young employees to work on the blockchain technology.

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.