Peter Thiel’s Founders Fund liquidated its position in the first cryptocurrency, earning $1.8 billion. According to informed sources, the Financial Times reports.
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Founders Fund’s first investments in Bitcoin took place in 2014. The asset’s share of its total AUM at its peak totaled as much as two-thirds.
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Sales were executed as the market declined, the bulk of them occurring in March 2022.
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This moment coincided with Thiel’s remarks at the Bitcoin 2022 conference in Miami, where he noted that he was optimistic about Bitcoin’s future due to \”the end of the fiat regime.\” He suggested that digital gold could rise a hundredfold from the $44,000 mark at the time.
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Founders Fund invests in “revolutionary technologies that change the way we interact with the world,” according to the group’s website. Earlier, it invested in Paxos, NFT platform Royal, and the decentralized autonomous organization BitDAO.
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Founders Fund’s assets under management amount to $11 billion.
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Thiel has long been a proponent of digital assets. In 2017, he said that people were underestimating Bitcoin’s potential. In October 2020, he spoke of regrets about insufficient investments in the first cryptocurrency.
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In January 2022, billionaire Bill Miller revealed that he had invested a portion of his fortune in Bitcoin and altcoins. As prices rose, these investments accounted for up to half of his personal savings at the time.
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