Peter Thiel’s Founders Fund sold most of its crypto a month before the billionaire raved about Bitcoin at a conference in Miami

A month before billionaire venture capitalist Peter Thiel announced the benefits of Bitcoin during a speech at a conference in Miami, his VC firm Founders Fund had already offloaded eight years of bet on cryptocurrencies.

While crypto was once one of its core positions, in March 2022, the company generated $1.8 billion from the sale of most of its crypto holdings, the Financial Times reported, citing a person close to the fund. Two-thirds of his crypto investments consist of Bitcoin, according to the FT.

The sale was timely, and protected the company from a collapse in the price of Bitcoin later that year that would have brought it to $15,599 last Novemberthe lowest price in two years.

But in April at the Bitcoin 2022 conference in Miami, Thiel did not mention his fund’s massive crypto sales. He is also unwavering in his support for Bitcoin. During the a speechhe said, “We are at the end of the fiat money regime,” adding that Bitcoin is undervalued but “has all the potential to replace gold.”

Founders Fund declined to comment to Reuters.

The price of almost everything cryptocurrencies went down last year as the industry experienced the bankruptcy of some of its most high-profile companies, including crypto hedge fund Three Arrows Capital and crypto exchange FTX. the collapse of FTX and the criminal charges brought against former CEO Sam Bankman-Fried in particular caused damage to many other companies and It drew a lot of attention from regulators.

San Francisco-based Founder Fund first bought Bitcoin in 2014 when it traded below $1,000 and grew its holdings over the next eight years. Thiel was also one of the first well-known investors to put money into Bitcoin.

In part, due to its Bitcoin selloff, with exits from long-standing companies such as Airbnb and the Thiel-cofounded data analytics group Palantir, Founders Fund returned about $13 billion to investors between 2020 and the end of last year, according to the FT. The company has more than $11 billion under management.

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