Peter Thiel’s fund cashed in $1 billion worth of crypto after holding for 8 years: FT

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Peter Thiel is a longtime backer of Bitcoin. But his fund closing nearly all of his crypto positions shortly before the market crash didn’t sit well with many.

According to Fortune’s latest report, Thiel’s venture capital firm – Founders Fund – cashed in on all of its cryptocurrency bets and made a profit of $1.8 billion doing so.

The San Francisco-based fund bought Bitcoin more than eight years ago when the flagship crypto was trading below $1,000. Over the next few years, he significantly increased his holdings. Speaking at the Bitcoin 2022 conference in Miami in April, Thiel continued to champion Bitcoin and called for its increased adoption. He even went on to say, “we are at the end of the fiat gaming regime,” while pointing out that Bitcoin was still undervalued but has the potential to replace gold. Supporting Bitcoin, Theil also said he expects the price of the crypto to increase 100x from its then market value of $44,000. However, the billionaire venture capitalist made no disclosures about cashing in from Founders Fund the previous month. It should be noted that the fund’s decision to offload its tokens was perfectly timed as Bitcoin would then experience a massive drop, even briefly falling below $16,000 later that year. Currently, the fund has no significant exposure to crypto, according to FT sources. Additionally, the PayPal co-founder had said he felt “underinvested” in Bitcoin just months before Founders Fund pulled its bets on digital assets. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

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