Reports Of Peter Thiel's Big Bet On Bitcoin Sends Cryptocurrency Higher

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Reports Of Peter Thiel's Big Bet On Bitcoin Sends Cryptocurrency Higher

Peter Thiel coming into the space is just another way of showing people are making money, says David Drake, LDL Capital chairman, discussing the future of digital currencies and CNBC says this move helped boost the price of Bitcoin Tuesday.

David Drake, Chairman of LDJ Capital, says that many people have been hesitant at first to enter the Bitcoin futures market.

"They are slowly getting over that," he acknowledged.  "Thiel coming into this space is another way to show that people are making money."

Real companies coming on board backing smaller cryptocurrencies is also helping boost prices," Drake added.

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