It’s no secret that the crypto market can be a volatile one. But for Founders Fund, a venture capital firm co-founded by billionaire investor Peter Thiel, it was a gamble that paid off. According to a report by the Financial Times, the firm generated a whopping $1.8 billion by cashing out in crypto before the market crash in 2022.
The fund’s journey in the crypto market began in early 2014, with two-thirds of its overall investment going towards buying various cryptocurrencies. However, by the end of March 2022, the firm had sold a majority of its crypto portfolio, just before the market took a hit in May of that year. Today, Founders Fund holds no significant investment in the crypto industry.
Despite this, Thiel has been a vocal supporter of bitcoin and has been known to speak out against those who are critical of cryptocurrencies. At the 2022 Bitcoin Miami conference, Thiel even went as far as to name Warren Buffet, JP Morgan CEO Jamie Dimon, and BlackRock’s Larry Fink as some of his “enemies” in the fight to stop cryptocurrency.
With over $11 billion assets under management, Founders Fund’s success in the crypto market is certainly worth taking note of.
