Guess what? Peter Thiel's Founders Fund just made a big move in the crypto world. They dropped a whopping $200 million on both bitcoin and ether, splitting the investment right down the middle, according to a report by Reuters.
Now, if you're wondering about the timing, they didn't just jump on the bandwagon during the recent bull run. Nope, they were ahead of the curve. Bitcoin has shot up by nearly 124% in the past year, while ether has seen a respectable 75% increase. And hey, let's not forget about the CoinDesk 20 Index, which has rallied by a solid 86% in the same period.
Sources spilled the beans to Reuters, saying that Founders Fund started scooping up bitcoin when it was below the $30,000 mark. They kept at it, grabbing more BTC and ETH in the months that followed. Peter Thiel, the big cheese behind Founders Fund, has been singing bitcoin's praises for a while now. He's been critical of central banks and fiat money, and he sees bitcoin's rise as a sign of that.
Back in 2021, during the big bull run, Thiel even admitted feeling like he wasn't investing enough in the world's biggest digital asset.
Talk about FOMO, right?
But Founders Fund isn't new to the crypto game. They've been in it for a while. Last year, they made a smart move, selling off most of their crypto holdings for a hefty $1.8 billion, just before the crypto winter hit. And this isn't their first rodeo with bitcoin either. Back in the 2017-2018 bull market, they threw down $15 to $20 million on bitcoin.
So, what's the takeaway here?
Well, Founders Fund isn't afraid to bet big on crypto, and with Thiel leading the charge, they're making moves that seem to pay off. Keep your eyes peeled, folks. The crypto world is full of surprises, and with big players like Founders Fund in the mix, things are bound to get even more interesting.
Good.
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