- Billionaire tech mogul Peter Thiel is investing in crypto once more, Reuters reported.
- Founders Fund plowed $200 million into bitcoin and ether in mid-2023, per the information company.
- Both tokens’ costs have spiked since that spending spree began.
Peter Thiel piled again into crypto final 12 months — and it appears like he timed his return to the digital asset area completely.
That’s based on a report by Reuters, which stated the billionaire tech mogul’s Founders Fund invested $100 million in bitcoin and one other $100 million in ether between late summer time and early fall final 12 months.
The timing of that funding suggests Thiel was in a position to capitalize on the 2 large-cap tokens’ second-half surge.
Bitcoin has climbed 64% to over $50,000 because the finish of June. The surge has been helped by buyers’ pleasure over the Securities and Exchange Commission’s choice to approve 11 spot ETFs monitoring its value.
Ether, the native token of the Ethereum blockchain, is up 36% over the identical interval.
Founders Fund first began investing in crypto in 2014, when bitcoin was buying and selling at about $750.
Thiel’s agency ultimately closed out its positions in March 2022, netting a $1.8 billion revenue, though he is continued to tout digital belongings’ potential since.
“We’re at the end of the fiat money regime,” he stated at a crypto convention in Miami the next month, suggesting that bitcoin’s value may enhance 100-fold from its stage of $44,000 on the time.
Instead, crypto suffered a brutal sell-off that 12 months because the Federal Reserve’s choice to boost rates of interest and the spectacular implosion of high-profile firms together with Sam Bankman-Fried’s FTX drove institutional buyers away.