Peter Thiel’s Founders Fund has reportedly made a significant $200 million investment in bitcoin and ether ahead of the recent bull run in the cryptocurrency market. According to Reuters, Thiel’s fund began purchasing bitcoin when its price was below $30,000 and continued to acquire more BTC and ETH in the subsequent months.
Thiel has been a long-time advocate for bitcoin, attributing its price rise to a criticism of central banks and fiat money. During the 2021 bull run, he expressed that he felt “underinvested” in the world’s largest digital asset.
Interestingly, Founders Fund sold off the majority of its crypto holdings for a staggering $1.8 billion in March 2022, just before the onset of what is now commonly referred to as the “crypto winter.” Previously, the fund had invested between $15 and $20 million in bitcoin during the 2017-2018 bull market.
Aside from investing in bitcoin and ether, Thiel also supports the institutional crypto exchange Bullish, which made headlines in 2023 for acquiring CoinDesk from Digital Currency Group.