Peter Thiel’s VC Firm Places Millions of Dollars Bet on Bitcoin

Paypal’s former co-founder and venture capitalist Peter Thiel has reportedly placed a bet on Bitcoin worth millions of dollars.

In a story published by The Wall Street Journal on January 2, 2018, the first Facebook investor purchased Bitcoin stake in tune of 20 million dollars.

Peter Thiel’s Founders Fund also informed its investors that those holdings are projected to be worth hundreds of millions of dollars after the surge of the Bitcoin in 2017. Despite being highly volatile, the cryptocurrency scored an enormous leap of 1,375 percent last year.

However, it was not mentioned whether the said VC firm has sold any of its holdings. After the news broke out, Bitcoin surged by 13.5 %, according to Coinbase.

Back in September 2017, Thiel also made headlines when he was being considered for the role of President Trump’s Intelligence Advisory Board (PIAB) Chairman.

While many may have considered him as a controversial choice, his decision to bet on cryptocurrency makes him a logical fit for the intelligence advisory position. After all, his data firm called Palantir has gained ground for having contracts with intelligence agencies of the government.

Steve Bannon, President Trump’s Former cChief sStrategist, also mentioned that Thiel could provide a huge impact on the current aAdministration. This was stated during an interview with Vanity Fair in September 2017.

Part of his statement reads:

“Peter has indicated that if he takes the P.I.A.B. position he intends to take a comprehensive look at the U.S. intelligence community’s information-technology architecture.”

Peter Thiel is also seen as the key person to bridge the gap between tech and the Trump administration.

With Peter Thiel’s keen interest in Bitcoin and given his influence on the current administration, this could mean an improvement in terms of understanding of cryptocurrency by the current administration.