Thiel's comments about China “weaponizing” bitcoin to hurt the U.S. are a warning about the cost of inaction.
Cash and carry traders seek to profit from the spread between bitcoin's price in futures and spot markets.
The price action comes just ahead of a highly anticipated Nasdaq listing for leading U.S. crypto exchange Coinbase.
Analysts are estimating valuations for Coinbase at $18B and as high as $230 billion ahead of its stock listing on April 14.
XRP has rallied by over 50% so far this week, for a market value of $37 billion.
"Miners may be holding in anticipation of a price rally," one analyst said.
The price gain came amid new signs of growing mainstream adoption of bitcoin and other cryptocurrencies.
Analysts at Bloomberg Crypto argue that the largest cryptocurrency might be due for a run analogous with the steep rallies of 2017 and 2013.
Analysts at Bloomberg Crypto argue the largest cryptocurrency might be due for a run analogous with the steep rallies of 2017 and 2013, following prior "halvings"...
The investment firm said Coinbase could deliver “healthy margins” despite bitcoin's volatility.