According to Reuters technology/peter-thiels-founders-fund-made-200-million-crypto-investment-before-bull-run-2024-02-13/” target=”_blank” rel=”nofollow”>reportFounders Fund, the venture capital (VC) firm founded by bitcoin/” target=”_blank” rel=”nofollow”>billionaire Peter Thielbets heavily on the bitcoin-accounts-53-latin-american-wallets-report/” target=”_blank” rel=”nofollow”>flagship cryptocurrency, bitcoin. The venture capital firm reportedly made significant profits from its latest investment in bitcoin and hopes that this next market cycle will also bring immense rewards.
The founders' fund has already made an investment of 200 million dollars in bitcoin and Ether
From late summer to early fall of last year, Peter Thiel's Founders Fund reportedly invested $200 million in the two largest crypto tokens by market capitalization, bitcoin and ethereum. If so, the venture capital firm likely already has unrealized gains, considering these two cryptocurrencies traded lower during that period.
Notably, the btc price is known to have traded below $30,000 towards the end of summer last year and bitcoin-price-30000-all-time-high/” target=”_blank” rel=”nofollow”>just surpassed that level sometime in October. Meanwhile, although average prices for Founders Fund's bitcoin purchases could not be determined, btc has been trading at bitcoin-bull-buyers-finally-break-even/” target=”_blank” rel=”nofollow”>its highest level since 2021.
Interestingly, Founders Fund is said to have made around $1.8 billion in returns from its previous investment in bitcoin. financial time reported how the venture capital firm began investing in the crypto token as early as 2014 and liquidated the majority of its btc holdings in March 2022, just before the crypto-exchange-kraken-cuts-off-1100-employees/” target=”_blank” rel=”nofollow”>crypto winter He started with full force.
Peter Thiel's optimism about btc
Peter Thiel, co-founder of PayPal and an early investor in Facebook, is known to be a long-time bitcoin advocate. He bitcoin-neutral-everything-else/” target=”_blank” rel=”nofollow”>once explained how the flagship crypto token could provide a safe haven for investors and described it as a “hedge” against the “world falling apart.” Thiel also belonged to the school that believed that bitcoin could eventually replace gold.
When bitcoin hit its all-time high at the height of the 2021 bull run, Thiel also admitted that he had not invested enough in the crypto token. He said that she should have bought more btc instead of hesitating because he thought “everyone already knew the secret.”
The billionaire also described himself at one point as a “pro-crypto, pro-bitcoin maximalist.” His affinity for bitcoin and cryptocurrencies in general also stems from his libertarian political philosophy, as he sees these virtual currencies as a “force for decentralization.”
Dall-E cover image, Tradingview chart
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