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

South Korea, who until recently represented almost a quarter of all bitcoin trading, is tightening restrictions on the market out of fear for its potentially catastrophic fluctuations in value.

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. Those bitcoin holdings are now worth several hundred million dollars, people familiar with the matter told the Wall Street Journal.

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.

But with bitcoin prices still hovering around $14,700, it's uncertain whether any investor in VCs till see a bargain.

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But, bitcoin's future, as its price levels, looks very fragile and volatile.

Again, just to make sure we've got this straight: There's too much dumb money in tech startups, unlike...bitcoin.

Thiel has, in the past, spoken positively about the cryptocurrency.

Winklevoss twins Cameron and Tyler became "bitcoin billionaires" in 2017 when the price of the cryptocurrency surpassed US$11,500.

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Founders move to actually purchase bitcoins is a split from other venture capital firms which have tended instead to invest in companies and technology that use bitcoin, as opposed to investing in the currency directly. "If bitcoin ends up being the cyber equivalent of gold, it has great potential".

As some other institutional players begin to divulge some of their year-end positions over the next few weeks, as well as their 2017 returns, it will be interesting to note who else made (or lost) significant money on Bitcoin and its rivals - some of which beat Bitcoin's 1,000%+ rise during 2017.

In October, Thiel reportedly said during an investment conference in Saudi Arabia that people are "underestimating" Bitcoin and he compared the cryptocurrency to gold.

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