The Bitcoin price (BTC/USD) has seen significant gains following news that one of the most prominent figures in Silicon Valley has made a substantial bet on the original cryptocurrency.
On Tuesday evening, the most valuable cryptocurrency rose to $15,444.60, its highest price level since December 29. According to data from cryptocurrency tracker Coinmarketcap, the digital coin eventually finished the session at $14,982.10, up from an opening level of $13,625.00.
Bitcoin has mostly hovered around the $15,000 mark in today’s session and is currently trading at around $14,990. The cryptocurrency hit an intraday high of $15,572.80 earlier in the session.
Bitcoin’s latest rally followed a Tuesday report by The Wall Street Journal, suggesting that billionaire investor Peter Thiel had made a substantial investment in the cryptocurrency. The WSJ cited unnamed sources familiar with the matter, who said that Founders Fund, a venture-capital firm co-founded by Thiel, had invested around $15 million to $20 million, which has grown into hundreds of millions thanks to the cryptocurrency’s rise over the past year. The WSJ said that it was unclear whether the firm had sold any of its holdings yet.
Thiel has made some positive comments regarding Bitcoin in the past. In October, the co-founder of PayPal said that he thought people were underestimating the original cryptocurrency.
“If bitcoin ends up being the cyber equivalent of gold it has a great potential left,” he told reporters at the time.
In today’s trading, the Bitcoin price stood at $14,997.40, as of 11:41 GMT. The cryptocurrency has gained 8.6% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.