Peter Thiel's venture capital firm, Founders Fund, has once again entered the crypto market, investing $200 million in Bitcoin and Ethereum.
Peter Thiel's venture capital firm, Founders Fund, has once again entered the crypto market, investing $200 million in Bitcoin and Ethereum before the recent price surge, according to Reuters. This move signals renewed confidence in the digital assets from the prominent Silicon Valley investor.
The investment occurred between late summer and early fall of 2023, when Bitcoin was still trading below $30,000. Founders Fund reportedly accumulated both Bitcoin and Ethereum, positioning itself to benefit from the subsequent price increases. Over the past year, BTC has gained nearly 124%, while ETH has risen 75%
This isn't Thiel's first foray into crypto. He has been a vocal supporter of Bitcoin for years, often criticizing central banks and fiat currencies. During the 2021 bull run, he even admitted to feeling "underinvested" in the leading cryptocurrency.
Founders Fund made a similar pre-bull run move in 2017, purchasing $15-20 million worth of Bitcoin before its meteoric rise. In March 2022, just before the crypto bear market set in, Founders Fund sold most of its holdings for $1.8 billion.
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