Founders Fund, the venture capital run by billionaire Peter Thiel, has made a massive investment in two leading cryptocurrency assets. According to reports, the firm strategically acquired $200 million worth of Bitcoin and Ethereum. Thus, it made a bold re-entry into the crypto markets. This decision reflects growing confidence among institutional investors.
Peter Thiel’s Founders Fund is betting big on crypto
Sources reported that Founders Fund split the investment evenly between the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). The firm made the purchase of these assets between late summer and early fall 2023. The crypto industry suffered a significant blow last year with the collapse of major players such as FTX. This led to lower prices and increased regulatory scrutiny. However, Founders Fund’s latest investment highlights a potential turnaround for cryptocurrency markets as they move towards a steady recovery.
Founders Fund’s history with crypto dates back to 2014, when it first ventured into Bitcoin investments. The firm is known for its early and aggressive moves in the crypto space. In this context, it liquidated its assets before the 2022 crash. It generated a staggering $1.8 billion in returns in the process. Founders Fund’s latest investment is a sign of belief in its long-term potential. Therefore, it marks a significant re-engagement with the crypto market.
A vocal advocate of the cryptocurrency world: Peter Thiel
Peter Thiel, one of the leading names in the technology and finance sectors, has been a vocal advocate of cryptocurrencies, especially Bitcoin. The billionaire sees crypto as a viable alternative to traditional financial systems. He also views it as a hedge against central bank policies. Thiel’s stance on Bitcoin is in line with his libertarian views, which emphasize the importance of innovation and minimal government intervention in technology.
Moreover, Thiel’s critique of traditional financial “gerontocracy” (a term he uses to describe the old guard’s resistance to new financial technologies such as cryptocurrencies) highlights the broader cultural and ideological conflict between emerging digital currencies and established financial institutions. Thiel acknowledges the transformative potential of cryptocurrencies. He specifically appeals to high-profile figures and institutions for their reluctance on this issue:.
This Bitcoin is a movement, and whether this movement will be successful or whether the enemies of the movement will succeed in stopping us is a political question.
Founders Fund’s latest move is an important step
It is an important name for the company to reinvest in Bitcoin and Ethereum. It also marks a turning point for the broader crypto market. The firm has an impressive $12 billion in assets under management. In this regard, it has a track record of successful early-stage investments.
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