One of the biggest names in Silicon Valley is placing a moonshot bet on bitcoin, Rob Copeland reports for The Wall Street Journal.

Founders Fund, the venture capital firm co-founded by PayPal co-creator Peter Thiel, has amassed hundreds of millions of dollars of the volatile cryptocurrency, people familiar with the matter said. The bet has been spread across several of the firm’s most recently launched funds, the people said, including one that began investing in in the middle of last year and made bitcoin one of its first investments.