In accordance with a Reuters report, Founders Fund, the enterprise capital (VC) agency based by billionaire Peter Thiel, is as soon as once more betting large on the flagship cryptocurrency, Bitcoin. The VC agency is reported to have made vital earnings on their final Bitcoin funding and can be hoping that this subsequent market cycle additionally brings immense rewards.
Founders Fund Already Made A $200 Million Funding In Bitcoin And Ether
From late summer season to early fall final 12 months, Peter Thiel’s Founders Fund reportedly invested $200 million within the two largest crypto tokens by market cap, Bitcoin and Ethereum. In that case, the VC agency is probably going already sitting on unrealized earnings, contemplating these two cryptocurrencies had been buying and selling decrease throughout that interval.
Notably, the BTC value is thought to have traded under $30,000 in direction of the top of summer season final 12 months and solely rose above that stage someday in October. In the meantime, though the common costs of Founders Fund’s Bitcoin purchases couldn’t be ascertained, BTC has been buying and selling at its highest stage since 2021.
Curiously, Founders Fund is alleged to have made about $1.8 billion in returns on their earlier funding in Bitcoin. The Monetary Occasions reported how the VC agency started investing within the crypto token way back to 2014 and went to liquidate most of its BTC holdings in March 2022, simply earlier than the crypto winter began in full pressure.
Peter Thiel’s Optimism On BTC
Peter Thiel, the co-founder of PayPal and one of many earliest traders in Fb, is thought to be a long-time Bitcoin advocate. He as soon as defined how the flagship crypto token may present a protected haven for traders and described it as a “hedge” in opposition to the “world falling aside.” Thiel additionally belonged to the varsity that believed Bitcoin may finally change Gold.
When Bitcoin hit its all-time excessive on the top of the 2021 bull run, Thiel additionally admitted that he was underinvested within the crypto token. He mentioned he ought to have purchased extra BTC moderately than hesitating as a result of he thought “everyone already knew the key.”
The billionaire has additionally described himself in some unspecified time in the future as a “pro-crypto, pro-Bitcoin maximalist.” His affinity for Bitcoin and cryptocurrencies typically additionally stems from his political philosophy of libertarianism, as he sees these digital currencies as a “pressure for decentralization.”
Cowl picture from Dall-E, chart from Tradingview
Disclaimer: The article is supplied for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding choices. Use data supplied on this web site totally at your individual danger.
