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Tech Billionaire Trump Backer Peter Thiel Also A Big Investor In Bitcoin

Peter Thiel.JD Lasica/Flickr

Peter Thiel is a venture capitalist who made a name for himself in the tech industry by getting involved in some of the most successful startups to date. He also became infamous for backing Donald Trump during his run for the presidency. According to a recent report, it would seem that Thiel was a big believer in Bitcoin, as well.

Bitcoin’s price has been a subject of much debate throughout 2017 as it continued its erratic rise and fall, ending the year at $14,000. This is a significant increase from the $1,000 or so that it started 2017 with, but it’s also a steep drop from its peak value during the year. In a recent report by The Wall Street Journal, it would seem that Thiel’s Founders Fund VC firm has become a major force in the crypto arena.

The company reportedly invested anywhere from $15 million to $20 million in the hugely pervasive digital coin. The firm convinced investors that Bitcoin was going to be a huge deal and the move apparently paid off big time, with the total investment worth in the hundreds of millions of dollars.

Thiel founded the firm in 2005 but it isn’t clear when exactly he or the company started dabbling in cryptocurrency. Founders Fund has declined to provide any comments on the matter, so far.

According to sources, however, it could have been as far back as the middle of 2017. As to whether or not the investments have been sold is still unclear.

Even though Bitcoin has been growing in popularity and influence over the last few years, many traditional institutions are still skeptical of its viability, Business Insider reports. The fact that a VC veteran like Thiel would be a relatively early adopter of the currency does provide hope that others will follow.

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