Bitcoin got a bit of a new year bump thanks in part to Silicon Valley venture capitalist Peter Thiel.
According to The Wall Street Journal, Thiel's VC company Founders Fund spent around $15 to $20 million in the past buying bitcoin. The Journal says the company claims its investment is now worth hundreds of millions of dollars.
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Bitcoin's actual value has skyrocketed in recent months, but it's still pretty unstable. The Journal's report may have prompted Bitcoin prices to jump up about $1,000 — it was hovering at close to $15,000 later in the day.
But despite the volatility, Thiel's fund seems to find Bitcoin a more promising bet than its stated purpose of investing that money in startups.
