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Venture Capitalist Bets on Bitcoin Revival

Last year, the virtual currency was a worse investment than oil or the ruble, but some investors are keeping the faith.

By Olga Kharif, Bloomberg | Updated on January 27, 2015

One of bitcoin’s biggest backers, billionaire venture capitalist Tim Draper, recently wagered about US$400,000 that the digital currency will rebound from its recent plunge.

Draper, who co-founded investment firm Draper Fisher Jurvetson, said in an email that he bought 2,000 bitcoins for “around $200” last week. Draper, one of the biggest buyers in U.S. government auctions of bitcoin last year, is betting that the virtual currency will bounce back after prices dropped 70 percent in the past year.

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