Founders Fund, a enterprise capital agency based by billionaire Peter Thiel, has invested $100 million in Bitcoin, unique sources from Reuters revealed. The corporate earmarked $200 million to purchase Bitcoin and one other cryptocurrency, break up equally between the 2. The transfer additional highlights the return of institutional traders to Bitcoin.
Founders Fund, an early institutional investor in Bitcoin, initially bought BTC in 2014 however liquidated its holdings earlier than the 2022 crash, incomes roughly $1.8 billion. The corporate resumed its Bitcoin investments final summer time, strategically buying Bitcoin and one other cryptocurrency when the worth was under $30,000.
Thiel, recognized for his libertarian views and a co-founder of PayPal and Palantir, has publicly supported Bitcoin and praised its properties as a retailer of worth and a hedge in opposition to central financial institution coverage. With over $12 billion in belongings underneath administration, Founders Fund continues to increase its portfolio and refocus on cryptocurrency investments.
This restoration comes after a difficult interval for the Bitcoin market in 2022, which was marked by the collapse of main gamers comparable to cryptocurrency change FTX. Though Bitcoin costs plummeted to just about $15,000, the bottom degree since 2020, the Bitcoin market has progressively recovered, with Bitcoin hitting $50,000 for the primary time in additional than two years, though it’s nonetheless under its peak of $69,000 in November 2021.
