Founders Fund, the venture capital powerhouse led by billionaire Peter Thiel, has made a colossal investment in the two leading crypto assets. As per reports, the firm strategically poured $200 million into acquiring significant stakes in Bitcoin and Ethereum, marking a bold re-entry into the crypto markets.
This decision reflects a growing confidence among institutional investors as they gradually return to crypto investments.
Peter Thiel’s Founders Fund Bets Big on Crypto
Reuters reported that the Founders Fund divided the investment equally between Bitcoin (BTC)Ethereum (ETH), the top two cryptocurrencies. The firm carried out the acquisition of these assets between late summer and early fall of 2023.
The crypto industry experienced a significant blow last year with the collapse of major players like the FTX, leading to plummeting prices and heightened regulatory scrutiny. However, Founders Fund’s recent investment underscores a potential turnaround for the crypto markets, which have been on a steady recovery path.
Bitcoin, for instance, hit a two-year high of $50,000 on Monday, reigniting optimism in the sector.
Peter Thiel, a prominent figure in the tech and financial sectors, has been a vocal advocate for crypto, particularly Bitcoin. The billionaire views crypto as a viable alternative to traditional financial systems, offering a hedge against central bank policies. Thiel’s stance on Bitcoin aligns with his libertarian views, emphasizing the importance of innovation and minimal government intervention in technology.
Founders Fund’s re-investment in Bitcoin and Ethereum marks a significant moment for the broader crypto market. The firm has an impressive $12 billion in assets under management and a track record of successful early-stage investments.
