* Our Parent Company Crypto Token is LIVE!!! *Flag Token

Peter Thiel’s fund wound down 8-year bitcoin bet before market crash

Date:

Share post:

Founders Fund, the venture capital firm co-founded by billionaire Peter Thiel, closed almost all of its eight-year bet on cryptocurrencies shortly before the market began to crash last year, generating about $1.8bn in returns.

The San Francisco-based fund made its first investment in bitcoin in early 2014 and went on to invest large sums in crypto. About two-thirds of its overall investment was used to buy bitcoin, said people close to the fund.

Founders Fund sold out of the vast majority of its entire cryptocurrency portfolio by the end of March 2022 — before the digital assets market became swept up in a crisis in May last year, said one of the people close to the fund.

The fund currently has no significant exposure to cryptocurrencies, the people said. The winding down of its crypto bet has not previously been reported. Founders Fund declined to comment.

Thiel, a big backer of Republican candidates and a supporter of former US president Donald Trump, was one of the earliest mainstream investors to buy large sums of bitcoin and has subsequently been loudly bullish on the…

Read more…

Related articles

Uniswap moves onwards and upwards as increasing dominance spills into this area

Uniswap’s NFT aggregator registered a sharp uptick in sales volume and active users. Native token UNI jumped by 3.61%...

Game Devs Surprisingly Skeptic About Blockchain and NFTs, Report Says

Vladislav Sopov State of Game Industry 2023 report by Game Developers Conference that kicks off in San Francisco in...

This Week in Coins: Ethereum Drops as Aptos, Axie, Avalanche See Big Gains

Bitcoin and Ethereum dipped on Friday, dashing hopes for the crypto market's fourth consecutive week of marketwide gains....

What’s Next for NFTs?

Stories from this week suggest that brand involvement and entertainment partnerships are likely paths forward. Read more...