Peter Thiel’s Fund Cashed Out $1.8 Billion From Bitcoin Before 2022’s Crash
- A VC fund co-founded by Peter Thiel closed virtually all of its 8-year-long guess on Bitcoin final 12 months.
- The winding down of the crypto investments got here proper earlier than 2022’s crypto crash in Could.
- Shortly after promoting the crypto holdings, Thiel instructed that Bitcoin’s value could rise 100-fold.
- The fund at the moment manages greater than $11 billion and has little or no publicity to crypto.
Billionaire investor Peter Thiel reportedly cashed out large on crypto final 12 months. The Founders Fund, a enterprise capital agency co-founded by Thiel, made its preliminary funding in Bitcoin in early 2014 when the flagship crypto was buying and selling at round $700. This was adopted by massive investments in crypto, nevertheless, the majority of the crypto publicity was to Bitcoin. Crypto investments grew to become one of many fund’s core positions.
Peter Thiel’s fund offered crypto investments earlier than the market crashed
Based on a report by Financial Times, the 8-year-long crypto guess made by Thiel’s Founders Fund was wound down in direction of the top of March 2022. This included the vast majority of the fund’s publicity to the crypto portfolio. This sale got here only a month earlier than the crypto contagion of 2022 that began in Could. The fund netted a whopping $1.8 billion from this sale.
Curiously, Peter Thiel mentioned in April 2022 that he was optimistic about the way forward for Bitcoin. The billionaire investor had instructed that BTC, which was price round $44,000 on the time, might rise by 100 instances. These feedback got here simply days after his fund had offered its Bitcoin.
The sale of the Founders Fund’s crypto portfolio has not beforehand been reported. Folks conversant in the matter advised FT that as of now, the fund has no vital publicity to crypto property. The fund at the moment has greater than $11 billion underneath administration and has invested in well-liked firms like SpaceX and Lyft.
