Peter Thiel is a longtime Bitcoin proponent. However, his fund, which closed almost all of its crypto positions just before the market crashed, did not find much support.
According to Fortune’s latest report, Thiel’s VC Founders Fund has cashed out all of its cryptocurrency bets, making a profit of $1.8 billion in the meantime.
- The San Francisco-based fund bought bitcoin more than eight years ago when the flagship cryptocurrency was trading below $1,000. In the years that followed, the company significantly increased its holdings.
- Speaking at the Bitcoin 2022 conference in Miami in April, Thiel continued to defend Bitcoin and call for its increased adoption. He even emphasized that while Bitcoin is still undervalued, it has the potential to replace gold.
- In support of Bitcoin, Thayle also said he expects the cryptocurrency’s price to increase 100-fold from its then-trading value of $44,000.
- However, the billionaire venture capitalist has not revealed anything about the Founders Fund cashing out last month.
- It is worth noting that the fund’s decision to offload the token was perfectly timed. Because Bitcoin plummeted so much after that that he even dipped below $16,000 briefly later that year.
- According to FT sources, the fund currently has no material exposure to cryptocurrencies.
- Additionally, the PayPal co-founder said he felt “underinvested” in Bitcoin just months before the Founders Fund cashed out its bets on digital assets.
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