Peter Thiel’s Founder Fund liquidated a position in the first cryptocurrency, earning $1.8 billion, writes about this, citing informed sources. Financial Times.
The fund’s first investment in bitcoin took place in 2014. The share of the asset in the total AUM at the maximum was up to two-thirds.
Sales were carried out as the market declined, the vast majority of them fell on March 2022.
The moment coincided with Thiel’s speech at the Bitcoin 2022 conference in Miami, where he noted that he was optimistic about the future of bitcoin due to the “end of the fiat currency regime.” He suggested that digital gold could rise in price a hundred times from the $44,000 mark at that time.
The Founder Fund invests in “revolutionary technologies that are changing the way we interact with the world,” the structure’s website says. She previously invested in Paxos, NFT platform Royal, and decentralized autonomous organization BitDAO.
The amount of assets under management of the Founder Fund is $11 billion.
Recall that Thiel has been a longtime supporter of digital assets. Back in 2017, he stated that people underestimate the potential of bitcoin. In October 2020, he spoke about regrets due to insufficient investment in the first cryptocurrency.
In January 2022, billionaire Bill Miller revealed that he had invested part of his fortune in bitcoin and altcoins. As prices rose, these investments accounted for up to half of his personal savings at that time.
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