Summary
TLDR: Founders Fund, a venture capital firm founded by Peter Thiel, has invested $100 million in bitcoin and another cryptocurrency. The firm, which initially bought bitcoin in 2014 and liquidated before the 2022 crash, resumed its investments last summer when prices were below $30,000. Thiel has publicly endorsed bitcoin as a store of value and hedge against central bank policies. Despite challenges in the Bitcoin market in 2022, the market has seen a gradual recovery with bitcoin recently hitting $50,000, still below its peak of $69,000 in November 2021.
Key Points
1. Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has invested $100 million in bitcoin, highlighting the return of institutional investors to the cryptocurrency market.
2. Founders Fund, an early institutional investor in bitcoin, initially bought BTC in 2014 and liquidated its holdings before the 2022 crash, earning approximately $1.8 billion. The firm resumed its bitcoin investments last summer, strategically acquiring bitcoin and another cryptocurrency when prices were below $30,000.
3. Peter Thiel, known for his libertarian views and co-founding PayPal and Palantir, has publicly endorsed bitcoin as a store of value and hedge against central bank policies. Founders Fund, with assets exceeding $12 billion under management, continues to expand its investment portfolio with a renewed focus on crypto ventures.