Peter Thiel has made nearly $2 billion selling his bitcoins
CriptoFácil – Founders Fund, the venture capital firm co-founded by billionaire Peter Thiel, closed out nearly all of its cryptocurrency bets before the market began to plunge last year, bringing in about $1.8 billion in returns.
Thiel made its first foray in early 2014 and continues to invest large sums in cryptocurrency. About two-thirds of its total investment has been used to buy Bitcoins, according to people close to the foundation.
The Founders Fund sold the vast majority of its cryptocurrency portfolio by the end of March 2022 — before the digital asset market was hit by the crisis caused by the LUNA ecosystem bankruptcy, according to a person close to the foundation.
At the moment, the institution is not very exposed to cryptocurrency, according to the source. It was not previously reported that he closed his bet on the cryptocurrency. The Founders Fund declined to comment.
I sold my bitcoins but still believe in the market
Thiel, a huge supporter of Republican candidates and a supporter of former US President Donald Trump, was one of the first major investors to buy large sums of bitcoin and has been very bullish on the digital currency ever since.
In April 2022, around the same time that the Funders Fund exited most of its cryptocurrency holdings, Thiel said he was optimistic about the future of Bitcoin.
“We are at the end of the fiat money ecosystem,” he said at a cryptocurrency conference in Miami and suggested its price — which was trading at about $44,000 at the time — could rise more than 100 times.
“Need to put some money into bitcoin,” Thiel said Jamie Dimon, CEO of JPMorgan (NYSE: ), and BlackRock (NYSE: NYSE) CEO Larry Fink, adding, “We need to fight back against them (referring to bitcoin critics). BTC).
Bitcoin, which was launched in 2009, has skyrocketed from around $750 in 2014 to an all-time high of over $65,000 in November 2021.
However, its price has been volatile in recent years, with several major collapses in value, including a drop to around $15,500 at the end of last year, marking a two-year low.