Peter Thiel’s Fund Cashed Out $1.8 Billion From Bitcoin Before 2022’s Crash
- A VC fund co-founded by Peter Thiel closed virtually all of its 8-year-long guess on Bitcoin final 12 months.
- The winding down of the crypto investments got here proper earlier than 2022’s crypto crash in Might.
- Shortly after promoting the crypto holdings, Thiel steered that Bitcoin’s value could rise 100-fold.
- The fund at the moment manages greater than $11 billion and has little or no publicity to crypto.
Billionaire investor Peter Thiel reportedly cashed out large on crypto final 12 months. The Founders Fund, a enterprise capital agency co-founded by Thiel, made its preliminary funding in Bitcoin in early 2014 when the flagship crypto was buying and selling at round $700. This was adopted by giant investments in crypto, nonetheless, the majority of the crypto publicity was to Bitcoin. Crypto investments grew to become one of many fund’s core positions.
Peter Thiel’s fund bought crypto investments earlier than the market crashed
In line with a report by Financial Times, the 8-year-long crypto guess made by Thiel’s Founders Fund was wound down in the direction of the top of March 2022. This included nearly all of the fund’s publicity to the crypto portfolio. This sale got here only a month earlier than the crypto contagion of 2022 that began in Might. The fund netted a whopping $1.8 billion from this sale.
Apparently, Peter Thiel stated in April 2022 that he was optimistic about the way forward for Bitcoin. The billionaire investor had steered that BTC, which was price round $44,000 on the time, may rise by 100 occasions. These feedback got here simply days after his fund had bought its Bitcoin.
The sale of the Founders Fund’s crypto portfolio has not beforehand been reported. Individuals aware of the matter advised FT that as of now, the fund has no important publicity to crypto property. The fund at the moment has greater than $11 billion beneath administration and has invested in common firms like SpaceX and Lyft.