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Peter Thiel’s Founder Fund, which invests in “revolutionary technologies that reshape the world” has reportedly sold most of its Bitcoin assets by March 2022 as the slump in the market continued last year. The venture capital firm, co-founded by the billionaire himself, cancelled almost all of its bets on cryptocurrencies, which had been held for eight years, just before the market began to plummet last year. As a result, the firm made returns of almost $1.8 billion.
Peter Thiel’s Fund Sells Bitcoin
The firm with its headquarters in San Francisco made its initial investment in bitcoin at the beginning of 2014 and has since invested significant sums of money in cryptocurrency. According to the latest reports, around two-thirds of its total investment was used to purchase Bitcoin. By the end of March 2022, the fund had liquidated the vast majority of the cryptocurrencies comprising its entire portfolio.
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This opportune move took place prior to the crash of the algorithmic stablecoin TerraUSD (UST) in May, which signalled the beginning of the carnage in the crypto market. Since May of last year, the market for digital assets has been roiled by a crisis, which has resulted in the failure of several prominent cryptocurrency businesses, including Terraform Labs, Celsius, Voyager, Three Arrows Capital, BlockFi and FTX.
Thiel Still Bullish On Bitcoin
However, Thiel gave a speech in support of Bitcoin less than a month after it was announced that his fund had liquidated the majority of its cryptocurrency holdings. He stated that the increase in the price of Bitcoin (BTC) was a signal that “the end of the fiat money” was close and it implied that “central banks are bankrupt.” He also took a stand against those who opposed the flagship cryptocurrency, referring to billionaire Warren Buffett as a “sociopathic grandfather from Omaha.”
Founders Fund unloaded a number of investments in addition to cryptocurrency. The fund was able to repay around $13 billion to its investors as a result of eight further major exits that occurred between 2020 and 2022; which included the likes of Airbnb and Palantir. According to the information obtained, the fund does not have any significant exposure to cryptocurrency markets at the present time.
Also Read: Bitcoin Bulls Need to Clear This Key Level For BTC Price To Rally
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