>> Peter Thiel, the billionaire Silicon Valley investor who's early investments in Facebook, Paypal, Airbnb and SpaceX made him a legend, is now willing to take a chance on Bitcoin. Thiel's venture capital firm Founders Fund reportedly snapped up some $15 to $20 million in Bitcoins beginning last year, which are now worth hundreds of millions of dollars, the Wall Street Journal reported Tuesday, citing people familiar with the bet.
Bitcoin fever has spread on Wall Street, even if investors barely understand what it is and why its value has shot through the roof. By the end of 2017, Bitcoin's price skyrocketed to over $14,000, after starting the year barely at $1,000 apiece. But taking a stake in Bitcoin requires nerves of steel, with a one day nosedive of 25% not unheard of.
Bitcoin believers hope that with investors as savvy and successful as Thiel willing to put millions behind the cryptocurrency, critics will finally be silenced. The price of Bitcoin spiking Tuesday on the report of Thiel's massive investment.