Billionaire Peter Thiels Fund sold all his bitcoin last year by DailyCoin

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© Reuters. Billionaire Peter Thiels Fund sold all of his Bitcoins last year. Peter Thiel’s Founders fund sold all of its holdings in March 2022, just before the crypto industry experienced a big crash. Founders Fund began buying Bitcoin and other cryptocurrencies in 2014. The fund made approximately $1.8 billion from the sale of its crypto assets. Thiel promoted Bitcoin at a crypto conference in Miami in April 2022, a month after selling it all out. He said the price of BTC could increase 100 times.

Billionaire founder of startup Peter Thiel, Founders Fund, once big on Bitcoin (BTC) and other cryptocurrencies, has liquidated all of his digital assets.

According to a Financial Times report, Thiel’s fund sold all of its Bitcoin in March 2022, days before the cryptocurrency industry suffered a crash fueled by the collapse of the Luna ecosystem and the bankruptcy of the crypto hedge fund Three Arrows Capital.

When Founders Fund was selling its digital assets, Bitcoin was trading between $37,000 and $46,000. The fund earned around $1.8 billion from the sale of its crypto assets.

Thiel’s fund started investing in Bitcoin in 2014 when the price of BTC was below $1,000. According to the Financial Times, the fund allocated two-thirds to buying Bitcoin. Over time, the fund continued to buy more Bitcoin and other cryptocurrencies.

Peter Thiel made the talk of Bitcoin a month after selling it

The news of Thiel’s fund selling his Bitcoin in March 2022 sheds a different light on Thiel’s comments made a month after the wallet was liquidated.

In April 2022, a month after the reported sale of Bitcoin and other digital assets, Thiel, who is known for co-founding PayPal (NASDAQ:) and Palantir Technologies (NYSE:), appeared at a conference on crypto in Miami where he praised Bitcoin.

Thiel said that “we are at the end of the fiat currency regime” and the price of BTC could increase 100 times from its value of around $44,000. Thiel had no comment at the time on his fund’s decision to sell his Bitcoin.

Since Founders Fund sold its Bitcoin, the crypto market has gone down significantly. At some point after the collapse of FTX, the price of BTC went down to $15,500. It is currently trading at around $21,100, according to data from CoinGecko.

On the other hand, it is still possible that Thiel bought back BTC as it fell to $15,500. It is also possible that he is waiting for the price to fall even further. Why You Should Care

Peter Thiel has long been a supporter of Bitcoin and crypto in general. It is unclear why he decided to liquidate his holdings. It is possible that this is a simple for-profit event. Investors should wait for Thiel’s own explanation of why he decided to stop investing in cryptocurrencies.

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