Trump supporter Peter Thiel reportedly made $1.8 billion by cashing out an 8-year cryptocurrency bet while he was still touting a massive rise in Bitcoin prices.

  • According to the Financial Times, the Peter Thiel fund closed almost all of its cryptocurrency positions shortly before last year’s price crash.
  • The publication reports that the Founders Fund made $1.8 billion by cashing in on its bet on digital assets.
  • Thiel predicted that the price of bitcoin would rise 100x around the same time that his fund was reportedly selling off its crypto holdings.

Peter Thiel’s venture capital firm reportedly made $1.8 billion last year closing out its crypto positions — around the time the early bitcoin bull was still predicting the token’s price would rise 100x.

According to a Financial Times report citing people familiar with the matter, the Founders Fund cashed in almost all of its digital asset bets by March 2022.

But Thiel still supported bitcoin when he spoke at a crypto conference in Miami the following month.

“We have come to the end of the fiat money regime,” he said, adding that the price of the token could rise 100 times from its $44,000 level.

This prediction turned out to be false as rising interest rates and the bankruptcy of high-profile firms such as Celsius Network, Three Arrows Capital and FTX led to a prolonged decline in the crypto sector. Bitcoin fell over 60% in 2022 and was trading at less than $17,000 by the end of the year.

Founders Fund first started investing in cryptocurrencies in 2014 when bitcoin was trading at around $750. By the time Bitcoin hit its all-time high in November 2021, it was up 8500% from that level.

Thiel has extensive experience as one of Silicon Valley’s most prominent tech investors.

He took early stakes in startups including Facebook, Elon Musk’s SpaceX, and taxi app Lyft, and co-founded PayPal in 1998.

Thiel is also a prominent supporter of the Republican Party and has continued to express his support for Donald Trump since the former president left office in January 2021.

According to FT sources, the fund once held about two-thirds of its portfolio in tokens, but does not currently have significant exposure to the cryptocurrency.

The Founders Fund did not immediately respond to an Insider request for comment.

Read more: Meme billionaire Ryan Cohen has bought hundreds of millions of dollars in Chinese tech giant Alibaba and is reportedly poised to push for a share buyback.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button