Bitcoin Rebounds from New Year Low

• Bitcoin Rebounds from New Year Low

The news of billionaire Peter Thiel holding a large amount of Bitcoin bolstered the cryptocurrency value from New Year low of $13,036.

Bitcoin gained 8.6 percent to $15,148 a coin on Wednesday during the Asia trading session.

The Wall Street Journal reported on Tuesday that Founders Fund, a venture capital company co-founded by Peter Thiel has purchased hundreds of millions of dollars of Bitcoin.

According to the report, Mr. Thiel, 50 years old, are well-known for early investments in companies like Facebook Inc. that sometimes take years to come to fruition, bought around $15 million to $20 million in bitcoin, and it has told investors the firm’s haul is now worth hundreds of millions of dollars after the digital currency’s ripping rise in the past year.

It isn’t clear if Founders has sold any of its holdings yet. The bet hasn’t been previously reported.