Founders Fund, the venture capital firm co-founded by billionaire Peter Thiel, closed nearly all of its crypto position, which it said would wait eight years, shortly before the market began to crash last year. Thiel, who is also the co-founder of PayPal, reportedly no longer has a large investment in cryptocurrencies.
Peter Thiel’s VC firm raises $1.8 billion from cryptocurrency investment
The venture capital firm made $1.8 billion in profits by selling most of its crypto investments before the market crash last year, the Financial Times reported on Jan. Known for investing in breakthrough technologies, the fund has over time taken a major position in crypto. The fund’s partners reported in March last year that they made their first Bitcoin investment in 2014 and that a large part of the portfolio consists of BTC.
Speaking to the FT, a source says that the Founders Fund, which has $11 billion in assets under management, recommended the majority of its crypto investment at the end of March 2022. Bitcoin was trading at around $41,976, down nearly 40% from the ATH level at the time. cryptocoin.comAs you follow, BTC is currently quite far from this level…
The timing of taking profits was before the crash of algorithmic stablecoin TerraUSD (UST) in May, which marked the beginning of the crypto market carnage. Thiel gave a pro-Bitcoin speech just a month after his fund reportedly sold off most of its cryptocurrencies. He said the rise in the price of Bitcoin was an implication that “central banks are bankrupt” and signaled the “end of the fiat money regime”. He also spoke out against critics of bitcoin, describing billionaire investor Warren Buffett as “Enemy #1” and “a sociopathic grandfather from Omaha.”
Peter Thiel broke his word
With Bitcoin hovering near $60,000 in 2021, Thiel reportedly said this was a sign that the US political system was not stable. On that date, he said, “I’m not sure you should invest all your money in Bitcoin at $60,000 right now. But definitely $60,000 is a very promising sign,” he said.
Separately, Thiel said he felt “under-invested” in Bitcoin at an event in Miami in October 2021. He also suggested that he was a bit hesitant to invest in it because he thought “the secret is already known to everyone” and then added that “I think the answers will still take a long time” about Bitcoin.
In addition, in his 2022 statements, he included pro-bull statements such as “I trust Bitcoin, it can increase 100 times from here”. According to the Financial Times, the Founders Fund, co-founded by Peter Thiel, sold all of its BTC for $ 41,976 last year and made $ 1.8 billion from it.
Finally, the Founders Fund didn’t just liquidate cryptocurrency investments. Between 2020 and 2022, the fund had eight more major exits, including Airbnb and Palantir, and the move brought back nearly $13 billion to investors, the FT reported.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.