Peter Thiel’s Massive Bet on Bitcoin
The investment fund of PayPal founder Peter Thiel reportedly invested up to $20 million into Bitcoin last year. Bitcoin, the world’s most popular cryptocurrency, has dominated headlines as major institutions join in the frenzy. Citing his longtime dream of having his own currency, Thiel referred to PayPal as a failed attempt at cryptocurrency. The 2016 investment is reportedly now worth hundreds of millions, as Bitcoin saw value spike 14x in 2017. Major endorsements like this one are aiding observers in assigning a value to the completely digital coins, a so far impossible task.