Peter Thiel’s San Francisco-based venture capital firm, Founders Fund, has invested between $15-20 million into bitcoin, according to the Wall Street Journal.
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“While I’m skeptical of most [cryptocurrencies], I do think people are a little bit underestimating bitcoin, specifically, because it is like a reserve form of money. If bitcoin ends up being the cyber equivalent of gold, it has great potential,” said Theil at an investment conference in October.
Thiel co-founded PayPay and was an early investor into Facebook.
Thiel also serves on President Trump’s technology advisory council.
The price of bitcoin has increased since the report and is at $15,185.80 at press time.