Bitcoin's price rises again as venture capital firm invests millions

  • Bitcoin's price rises again as venture capital firm invests millions

Bitcoin's price rises again as venture capital firm invests millions

According to CoinDesk's Bitcoin Price Index, bitcoin mostly remained around $2,000 to $3,000 from May to July in 2017 but saw a strong growth over the past six months, having reached an all-time high at almost $20,000 in December.

Bitcoin has developed from being a niche investment to becoming a household term in recent months, thanks largely to its surge in value since the start of 2017, when it was trading at around $1,000.

According to recent reports, Founder's Fund acquired a substantial share of Bitcoin at some point prior to the cryptocurrency's large fourth quarter growth streak.

Per Bitsonline's resident technical analyst Ramiro Burgos' latest report, the bitcoin price now seems poised to make a sustained, long-term rally toward the astonishing $50,000 Dollars milestone. The Journal says the company claims its investment is now worth hundreds of millions of dollars.

Bitcoin, which saw an unbelievable 2017, started the year priced at $1,000 and reached $20,000 in December, before dipping ahead of Christmas and fluctuating between the $13,000 and $14,700 range. Bullish outlooks for Bitcoin continued into Wednesday, with prices breaking $15,000 by mid-morning.

Bitcoin is on the rise today, and the reason many are pointing to is an interesting one.

Winklevoss twins Cameron and Tyler became "bitcoin billionaires" in 2017 when the price of the cryptocurrency surpassed US$11,500. "If bitcoin ends up being the cyber equivalent of gold, it has a great potential left", the WSJ quoted him as saying. Bitcoin continues to make worldwide headlines on an nearly daily basis, and Thiel seems to be effectively leveraging that furor.

"It is like a reserve form of money", Thiel said.

When discussing all types of cryptocurrencies, Thiel pointed out: "While I'm skeptical of majority, I do think people are a little underestimating Bitcoin specifically".