Content adapted from this Zerohedge.com article : Source
Update (1420ET) - Well that escalated quickly. Bitcoin just broke above $15,000, up $1200 since Thiel headlines hit..
Bitcoin prices are soaring (following a disappointing start to the year) after reports that billionaire tech investor Peter Thiel has BTFD in recent months and** amassed a massive position in the cryptocurrency**.
The Wall Street Journal reports that Founders Fund, the venture-capital firm co-founded by Peter Thiel, has amassed hundreds of millions of dollars of the volatile cryptocurrency, people familiar with the matter said.
The bet has been spread across several of the firm's most recent funds, the people said, including one that** began investing in mid-2017 **and made bitcoin one of its first investments.
**Mr. Thiel made the decision to buy up bitcoin together with Founders' other investment partners, **a person familiar with the matter said.
The bitcoin bet is quickly showing promise. Founders bought around $15 to $20 million in bitcoin, and it has told investors the firm's haul is now worth hundreds of millions of dollars after the digital currency's ripping rise in the past year.
It isn't clear if Founders has sold any of its holdings yet. The bet hasn't been previously reported.
Bitcoin surges over $600 on the news, breaking back above $14,000...
Founders began buying in for its investors before the recent volatility, the people familiar with the matter said.
Notably, Mr. Thiel, who is an outspoken** libertarian, co-founded digital payments service PayPal,** perhaps adding further to his credibility with regard the cryptocurrency purchase.
I get the feeling these guys got in at much lower prices and are now trying to pump the price to unload. There is no other reason to make such a public announcement. This guy just borrowed a page out of Charlie Lee's (Litecoin founder) playbook.
Scary thought, but not out of the realm of possibility.
The fund is required by law to periodically report its holdings. End of 2018. That's probably all it is.
This comes as no surprise.
I believe we will read more of these articles in the future about,not only bitcoin, but alt-coins too. The marketcap went from $250B to $625B in less than a month...that only happens with big money players entering the picture. Thiel is not the only one.
The leading edge financial guys are all over crypto...bet the ranch on that. They see the opportunity to get ahead of everyone else. So while most on Wall Street are still trying to attack Bitcoin since it is a threat, they guys are dumping plenty of cash into them.
They know the multiples they will gain very soon.
I look for 2018 to be another enormous year for the price of many of the cryptocurrencies.
The monster race has began and the friends trading the Futures are slapping their chest, but for the first time the "MainStreet" men have their foot in the race hopefully no one sold to the garbage of Bitcoin fall but it would be a crazy ride, I expect it to rip through 20K by the end of the month
My friend Bitcoin has always been a solid long-term investment, never in its history has the future been clearer, ignore the story of fees, we must not be to quick to jump to the easier road as security then becomes a concern, as the technology evolve the fees would come down... Bitcoin 78K by December, Bitcoin 24K by the end of the month... There are many salesmen around now, at the end of the day, they all asking for the same thing without offering anything in return, you know what they all want, your BTC, its still the bridge and backbone to this entire ecosystem... Always remember as Bitcoin prosper so to would the altcoins directly or indirectly associated with it
22K by the end of the month?
That's great news when we needed it. Hopefully this changes the direction for the positive. I wonder if there will be some exciting news from a PayPal innovation that uses bitcoin
Peter Thiel does not have a stake in PayPal since Ebay acquired it in 2002, so I don't think it is up to him to decide.
I didn't know that, sorry for the false info. We're always learning on steemit : )
No problem. Glad to help :P
Trying not to get political but Mr Thiel serves on Donald Trumps technology advisory council if what I have read is correct so I am wondering if he has brought them for himself or has the government a hand in their purchase ??
As it stands at the moment Bitcoin is estimated to be the most valuable in the Founders 1.3billion venture fund and they have brought Bitcoin outright instead of backing other companies which is the normal policy.
There has to be a reason they have broken their long standing tradition
I'm here doing my best to learn technical analysis in order to get a better understanding of the markets and then news like this always affects the markets in a way that I don't expect. Lol. This whole surprise game is so much fun to me. I love these crytpo markets.
It's amazing how much still depends on the few.
And besides, ¿Why is it so important that this guy is invested in crypto? For once, I think he doesn't really know much more than the average guy so may be the title has it right.
It was a bet.
He's useful for a confidence boost to the market maybe.
Peter Thiel is a pretty smart guy but I really dont know if he has the ability to move the market that much. I dont think the rally is that much linked to his statement.
As institutional investors slowly trickle in.....we will see the largest movement in history. HODL on everyone and prepare for the ride!
Slowly trickle in?
I think they are going to enter this market like wild fire....we already witnessed a $375B move in under a month.
Now we have a $125B move in a couple days.
It is safe to say Wall Street is here in full force. All the hedge funds we heard about in 2017, opening up to invest in crypto. We now know they are funded and buying.
I expect it only to grow as we move along in 2018. This is a train few on Wall Street want to miss.
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thank u, hodl my friend
Thanks @zer0hedge for your great info and news I appreciate it
Speaking of Thiel and monster bitcoin bets...
Another nugget/brick to discuss in the "Who is Satoshi" mystery....
https://steemit.com/bitcoin/@harpooninvestor/did-nick-szabo-solve-nick-szabo-s-biggest-bit-gold-problem
I think, this year, Bitcoin will get $30,000.
That would be very weak.
Wow" Gd news Thank you so much my dear sir @zer0hedge for sharing.
Nice post, thank for sharing i like it
Great article.
I can see most crypto currencies going through the roof SOON.
Resteemed thanks.
This is a good news, but also a trigger for FOMO. It is interesting to see what is next in this case!
sometimes these kind of news really affect the market... lets see Mr. Thiel win the bet or not...
So it has begun:
Bitcoin has become the first crypto to fall victim to major manipulation. The futures market was the first step and that really turned me off bitcoin as a coin of the future (no pun intended). At least Founders play, or seem to be playing, the standard market game where large holders can drive prices up or down.
anyone having issues with resteeming this post? it won't take for me
Another good opportunity that you guys might wanna check out is salt.Just did a write up on it and why i think its good.Cheers!
https://steemit.com/bitcoin/@srankoin/salt-btc-massive-buy-opportunity
Do you think this jump will look a lot like the last one? I ventured outside of steemit and jumped onto crypto right around then.
Seriously, just do yourself a favor and check the above clips. Also you should seriously read his book Zero to One: Notes on Startups, or How to Build the Future. The following is a bunch of quotes to give you enough reasons to check out the book
This whole crypto thing is like any other investment I am finding. If someone has money and invests, they make a ton when it goes up... They dump and things crap out for a short while. What I am finding as a positive with crypto though is the ability it gives even a first time wet behind the ears investor like me a shot at making some $$ in the short and long term with little start up.
I will just say it how it feels inside, invest what you can, cash out SOME not all of your investments, pay off all your "debt" and let the remaining investment work for you. Seems simple enough and with crypto I think its possible.
@zer0hedge I'm unable to resteem your posts. Am I doing something wrong or did you somehow disable this feature?