BITCOIN price LIVE: Overnight rise for Bitcoin as Peter Thiel jumps in
A SUDDEN price leap has returned Bitcoin's price above the symbolic $15,000 mark after reports that Peter Thiel's Founders Fund has amassed hundreds of millions of dollars of various digital currencies.
Bitcoin's price has risen after news of investor involvement
UPDATE 3.15pm - PayPal Founder gets out his wallet
Bitcoin prices have continued to rise today following news Peter Thiel’s investment arm, Founders Fund, has purchased hundreds of millions of the cryptocurrency.
Bitcoin currently stands at $14,855 according to Coindesk, up from $13,354 on January 1.
The Founders Fund, the venture-capital firm co-founded by Mr Thiel bought $15 to $20million worth of bitcoin.
This move does not come as too much of a surprise as last year in October Mr Thiel was reported saying that critics of bitcoin are “underestimating” the potential of the cryptocurrency.
He compared bitcoin to gold saying that it has more potential as a long-term store of value than as an everyday payment method.
Peter Theil has backed bitcoin
UPDATE 12.31pm - Watching the waves
If you're a beliver in the 'wave' theory of bitcoin's price fluctuations, then get ready to set a date in your diary.
Bitcoin is expected to return to its December 17, 2017 high of $19,666 in three months, as suggested by its wave pattern.
That would mean that Tuesday, 3 April 2018 is the next peak of the penultimate wave, if the theory is in any way accurate.
The price at the time of press is $14,751 (£10,876) a rise on the day so far of $551.
Ethereum is steady at $882 (£650).
Bitcoin
UPDATE 10.43am - Bitcoin slips back behind the $15,000 mark
Bitcoin has retreated back to $14705 (£10823) at the time of press.
As its lingering creep towards the mainstream continues, questions are now being asked if bitcoin could actually boost a nation's GDP growth?
Last week, research analysts at Nomura Instinet in Japan said that the national bitcoin craze could help the country's economic growth figures.
"We estimate the wealth effect from unrealized gains on bitcoin trading by Japanese investors since the start of [2017], and estimate a potential boost to consumer spending of ¥23.2 billion to ¥96.0 billion" ($206.7 million to $855.4 million), Japan economics research analysts Yoshiyuki Suimon and Kazuki Miyamoto said in a Friday report.
Adding: "Moreover, the fact that the rise in bitcoin prices was concentrated in 2017 Q4 could result in the wealth effect materializing in 2018 Q1, and if that is the case, we estimate a potential boost to real GDP growth on an annualized quarter-on-quarter basis of up to about 0.3 percentage points."
A bitcoin mine in China
UPDATE - 08.04am - Bitcoin makes up New Year loses as PayPal founder jumps in
Bitcoin has risen about the symbolic $15,000 mark after a surge yesterday evening added during under $1000 to its value in just a few hours.
At the time of press a bitcoin token is worth $15,251 (£11,219) with Ethereum also hitting the $900 mark.
The bitcoin price rise has been attributed to The Wall Street Journal's report that Peter Thiel's Founders Fund has amassed hundreds of millions of dollars of the volatile cryptocurrency.
The report further said that Mr Thiel's fund bought $15 to $20 million worth of the cryptocurrency which has since gained in price by significantly with bitcoin owners enjoying at 1100 per cent price rise since the start of 2017.
Mr Thiel is an American entrepreneur, venture capitalist, philanthropist, political activist, and author. He was ranked No. 4 on the Forbes Midas List of 2014, with a net worth of $2.2 billion. He is a significant investor in digital technologies with just about every horse he backs seeming to eventually win the race.
As the founder of Pay Pal and the first outside investor in Facebook, industry analysts will see Mr Thiel's involvement as a sign that bitcoin is heading for mainstream adoption.
Peter Thiel (right) sitting next to President Trump and Apple's Tim Cook