Bitcoin Up, Alts Down; BTC Pumps on Report of Founders Fund Investment

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Belarus has completely legalized Bitcoin and ICOs, and on top of this made them completely tax-free for five years.

Bitcoin was treading above the $15,000 (£11,059) mark on Wednesday, spurred by a press report stating that USA venture capital firm Founders Fund had placed a major bet on the volatile cryptocurrency. But for Peter Thiel's venture firm, bitcoin has been popular since at least 2012 when the firm has been quietly buying bitcoin.

But, bitcoin's future, as its price levels, looks very fragile and volatile. It wasn't clear whether Founders had sold any of its holdings, the report said.

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 United States dollars milestone.

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But despite the volatility, Thiel's fund seems to find Bitcoin a more promising bet than its stated objective of investing that money in startups. But it would also make it more legitimate and bring in the bigger investors and prove that it is here to stay.

Peter Theil, is one of the early investors of Facebook, co-founder of PayPal and a member of President Trump's tech advisory council. Bitcoin continues to make global headlines on an nearly daily basis, and Thiel seems to be effectively leveraging that furor.

Bitcoin rose more than 11 percent to trade near $14,711, according to Coinbase, amid the report.

That is the quandary that the bitcoin industry is facing at this point and that is the reason why we are seeing some choppy trading in the markets over the last couple of weeks. He compared bitcoin mining with mining for gold, calling the former more hard than the latter, and referred to the fact that only 21 million bitcoin will be created, due to the nature of the cryptocurrency's code. "If bitcoin ends up being the cyber equivalent of gold, it has great potential".

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