Report Says This Famed Investor is Buying Loads of Bitcoin

Bitcoin had a colossal year in 2017 and it looks like 2018 may may be just as grand.

Bitcoin soared 11% on Tuesday after a report indicated that Peter Thiel is loading up on the cryptocurrency.

Thiel’s Founders Fun has bought millions of dollars worth alrady according to the Wall Street Journal. The newspaper cited sources familiar with the situation.

Thiel was the co-founder of PayPal and also an early investor in tech giant Facebook. The article in WSJ did not indicate if he has sold any bitcoin.

According to Coinbase, the price of bitcoin soared over 13% to over $15,000 again after the report.

Thiel’s venture capital firm bought around $15 to $20 million dollar’s worth of the digital currency.

Last October Thiel said people are “underestimating” bitcoin. He said, “If bitcoin ends up being the cyber-equivalent of gold it has a great potential left.”

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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