RATE Group | Billionaire Investor Peter Thiel Is Doubling Down On Bitcoin—Here’s Why
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Billionaire Investor Peter Thiel Is Doubling Down On Bitcoin—Here’s Why

19 Oct Billionaire Investor Peter Thiel Is Doubling Down On Bitcoin—Here’s Why

Posted at 11:07h in Bitcoin News by

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Bitcoin and cryptocurrency investors have been struggling this year to both justify past crypto investments and make new ones.

The bitcoin price, under pressure from the likes of Facebook’s libra project and the ever-present threat of a regulatory crackdown, soared in the first six months of the year only to fall back again.

Some investors have not been put off by bitcoin’s roller-coaster year, however, with billionaire PayPal cofounder Peter Thiel among new backers of Layer1, a renewable energy-focused bitcoin mining operation based in San Francisco.

This week, Layer1 revealed it has raised $50 million at a $200 million valuation from Thiel, Shasta Ventures and other undisclosed bitcoin and cryptocurrency investors, adding to previous $2.1 million seed round that included Thiel, as well as…

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