Founders Fund, the enterprise capital agency based by billionaire Peter Thiel, has invested $100 million in bitcoin, sources solely knowledgeable Reuters. The agency allotted $200 million to amass Bitcoin and one other cryptocurrency, evenly cut up between the 2. This maneuver additional highlights the return of institutional traders to Bitcoin.
Founders Fund, an early institutional investor in bitcoin, initially purchased BTC in 2014 however liquidated its holdings earlier than the 2022 crash, incomes roughly $1.8 billion. The agency resumed its bitcoin investments final summer time, strategically buying bitcoin and one other cryptocurrency when worth was beneath $30,000.
Thiel, recognized for his libertarian views and co-founding PayPal and Palantir, has publicly endorsed bitcoin, praising its attributes as a retailer of worth and hedge towards central financial institution insurance policies. With belongings exceeding $12 billion below administration, Founders Fund continues to increase its funding portfolio, with a renewed give attention to crypto ventures.
This resurgence comes after a difficult interval for the Bitcoin market in 2022, marked by the collapse of main gamers like crypto change FTX. Regardless of bitcoin’s worth plunging to almost $15,000, its lowest since 2020, the Bitcoin market has seen a gradual restoration, with bitcoin lately hitting $50,000 for the primary time in over two years, albeit nonetheless beneath its peak of $69,000 in November 2021.
