The Founder’s Fund Invests $200 Million in Bitcoin and Ethereum in 2023
Peter Thiel, former CEO of PayPal, has made a significant investment in the cryptocurrency market. According to Reuters, Thiel’s venture capital company, Founders Fund, invested a total of $200 million in Bitcoin and Ethereum between summer and autumn 2023.
Renewed Interest from Silicon Valley
This investment highlights the renewed interest from Silicon Valley in the crypto-market. The timing of the investment was before the recent surge in cryptocurrency prices.
Founders Fund allocated $100 million to Bitcoin and another $100 million to Ethereum. This is not the first time the fund has invested in crypto. They aggressively bought Bitcoin in 2014 but liquidated their holdings before the crash in November 2022, making approximately $1.8 billion in profits.
Continued Profitability for Peter Thiel
Currently, it seems that Peter Thiel’s fund is once again profiting from investments in Bitcoin and Ethereum. They started buying Bitcoin when it was below $30,000 and continued purchasing both BTC and ETH over the following months.
The bullish trend for both Bitcoin and Ethereum is evident on the charts. BTC began its bull run at the end of October 2023, surpassing $50,000 recently. Ethereum’s bull run started in mid-November, with the price rising from $1900 to over $2600 today.
Peter Thiel: A Major Investor in Crypto Projects
Peter Thiel has shown himself to be a major investor in crypto projects. In April 2022, Founders Fund led a $20 million Series A funding round for Ondo Finance during the crypto winter.
In May 2021, Thiel Capital, led by Peter Thiel, invested in the crypto-exchange Bullish. These investments align with Thiel’s bullish stance on Bitcoin, which he expressed in February 2021.
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