Bitcoin latest: Cryptocurrency rebounds after report PayPal founder has invested millions

Peter Thiel

And while it regained some value (about $1,000) over the next two days, the big jump came Tuesday, with nearly $1,800 being added to its price in about two hours.

Founders Fund, the Silicon Valley venture capital firm known for its early investment in Facebook, is stepping into the world of cryptocurrencies, according to a new report.

That being said, investors and traders may see accumulation from a renowned venture-capital fund as a hugely positive sign, and given how Peter Thiel has, in the past, spoken about Bitcoin's massive potential, this story can give Bitcoin the boost it needs to emerge out of its recent slump. High-profile investors like Warren Buffet and JPMorgan Chase CEO Jamie Dimon have publicly questioned the reliability of Bitcoin as a financial asset.

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.

What is interesting about this recent Bitcoin surge is that the WSJ story does not seem to indicate that the fund is now buying the digital currency.

The price of the leading cryptocurrency has risen up by 14% and reached to $15,444 in the past few hours (trading at $15,356, as of writing).

It's unclear whether Founders Fund has sold any cryptocurrency holdings since initial purchase. In October, after his fund had already started investing in bitcoin, Thiel said the cryptocurrency was not needed to make payments, but instead, could be used as something like gold, a reserve form of money.

And, Bitcoin prices reacted fairly swiftly, with the news about someone with the clout and track record like Thiel sending Bitcoin soaring.

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

The price of Bitcoin has been on a roller coaster ride rising from less than a thousand dollars at the beginning of 2017 to about $20,000 at one point several weeks back.

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