Dollar billionaire Peter Thiel‘s Founders Fund was revealed to have invested $200 million in Bitcoin (BTC) and Ethereum (ETH) before their recent surge. Thiel’s fund was last in the news for selling all its crypto holdings for $1.8 billion before the harsh crypto winter of 2022.
It Was Revealed That They Started Accumulating Bitcoin Below $30,000
According to Reuters, Peter Thiel’s Founders Fund invested $200 million in the largest cryptocurrency Bitcoin and the altcoin king Ethereum before the last bull run. Sources speaking to Reuters revealed that the Founders Fund began purchasing BTC when it was under $30,000 and continued to buy more BTC and ETH in the following months.
Thiel has long been a prominent Bitcoin proponent in the crypto world, associating Bitcoin’s steady price increase with central bank policies and the instability of fiat currencies.
Thiel notably expressed regret during the 2021 bull run, feeling that not enough investment was made in Bitcoin, the world’s largest cryptocurrency.
Most of the Fund’s Crypto Holdings Were Sold Before the Harsh Crypto Winter of 2022
According to a report by Financial Times last year, the Founders Fund sold most of its crypto holdings for $1.8 billion in March 2022, just before the onset of the harsh crypto winter. Prior to this, the fund had invested between $15 and $20 million in Bitcoin during the 2017-2018 bull market.
As of the time this article was prepared, Bitcoin has risen 4.37% in the last 24 hours, trading just above $50,000. With the recent increase, BTC’s weekly gain has risen above 17%. Meanwhile, Ethereum has seen a 6.54% increase in the last 24 hours, trading at $2,648, with a weekly gain rate of 14.55%.
