Trump backer Peter Thiel reportedly made $1.8 billion cashing out an 8-year guess on crypto – when he was nonetheless touting an enormous bitcoin value surge – Yahoo Finance

Peter Thiel’s fund made $1.8 billion cashing out its crypto positions final yr, in keeping with the Monetary Occasions.Marco Bello/Getty Photographs

• Peter Thiel’s fund closed nearly all of its crypto positions shortly earlier than costs crashed final yr, in keeping with the Monetary Occasions.

• Founders Fund made $1.8 billion cashing out its guess on digital belongings, the publication mentioned.

• Thiel predicted bitcoin’s value would surge 100 occasions across the similar time his fund was reportedly promoting its crypto holdings.

Peter Thiel’s enterprise capital agency reportedly made $1.8 billion closing out its crypto positions final yr – across the time when the early bitcoin bull was nonetheless predicting the token’s value to surge 100 occasions.

Founders Fund had cashed out nearly all of its bets on digital belongings by March 2022, in keeping with a Monetary Occasions report that cited individuals acquainted with the matter.

However Thiel was nonetheless backing bitcoin when he spoke at a crypto convention in Miami the next month.

“We’re on the finish of the fiat cash regime,” he mentioned, including that the token’s value might improve 100-fold from its stage on the time of $44,000.

That prediction was confirmed false as rising rates of interest and failures of high-profile companies like Celsius Community, Three Arrows Capital and FTX dragged the crypto sector into a protracted droop. Bitcoin plummeted over 60% in 2022 and was buying and selling at beneath $17,000 by the top of the yr.

Founders Fund first began pouring cash into crypto in 2014 – when bitcoin was buying and selling at round $750. By the point bitcoin reached its all-time excessive in November 2021, it had surged 8,500% from that stage.

Thiel has an extended observe report as one among Silicon Valley’s most outstanding tech traders.

He took early stakes in start-ups together with Fb, Elon Musk’s SpaceX and ride-hailing app Lyft, and co-founded PayPal in 1998.

Thiel can also be a high-profile supporter of the Republican get together and has continued to voice his assist for Donald Trump because the former president left workplace in January 2021.

The fund held round two-thirds of its portfolio within the token at one time however now has no important publicity to crypto, in keeping with the FT’s sources.

Founders Fund didn’t instantly reply to Insider’s request for remark.

Learn extra: Meme-stock billionaire Ryan Cohen has constructed a stake in Chinese language tech large Alibaba value lots of of tens of millions and is reportedly able to push for share buybacks

Learn the unique article on Enterprise Insider

from Bitcoin – My Blog https://ift.tt/H68eox0
via IFTTT