Bitcoin prices have recovered considerably amid discovery of previously unknown bitcoin holdings of the Founders Fund. The founder fund remains one of the biggest venture capital firm in San Francisco and is influential considering its varying stakes in the likes of PayPal, Stripe and even Air BnB.
As seen below the markets have also reacted fairly positive to the news as prices have risen over 1.26% within 24 hours.
The news comes as a strong sign of increased faith in the bitcoin economy amid the technology being called out and undermined by a number of banks. Including the recent warnings which came from the central bank of Nigeria advising users to be cautious when trading bitcoin, American banks have taken much more drastic measures.
Simply putting a blanket ban on bitcoin investments, Merrill Lynch has prevented any of its users and staff including financial advisors from being involved in any activity concerning crypto. News from the Peoples Daily in China has also served to exacerbate fears that the current bitcoin position is a bubble waiting to burst. Contributing to the volatility seen recently the stake Founders Fund has in bitcoin has shone a light amid destructive news pieces and rules being put into effect.
To conclude, bitcoin prices have been recovering suitably over the majority of this week as gains from mid week prices of just over $12000, total $3000 as prices stand firmly at the $15300 mark. Further supported by phenomenal trading with 24 hours trading volumes reaching well over $21 billion, the news of bitcoin holdings by established venture capital firm Founders Fund it seems confidence in holders and traders has increased alike.