Peter Thiel’s Founders Fund Invests $200 Million in Bitcoin and Ether
Investment in Cryptocurrencies by Peter Thiel’s Founders Fund
According to reports, Peter Thiel’s Founders Fund has recently made a significant investment in bitcoin and ether before the ongoing crypto bull run.
Resurgence of Interest in Cryptocurrency Sector
With a renewed interest in the cryptocurrency sector from Silicon Valley, the venture capital firm reportedly allocated $200 million towards purchasing these cryptocurrencies from late summer to early autumn of 2023.
Equal Allocation in Top Two Cryptocurrencies
The investment was equally divided between the top two cryptocurrencies by market cap, bitcoin and ether.
Renewed Engagement from Institutional Investors
This undisclosed move highlights a renewed engagement from institutional investors in the cryptocurrency market, following challenges faced in 2022 due to the downfall of major entities like the crypto exchange FTX, leading to a decrease in valuations, damage to the sector’s reputation, and increased regulatory scrutiny.
Timing and Purchase Strategy
Founders Fund began purchasing BTC when its price was under $30,000 and continued to buy both bitcoin and ether over the following months. The average purchase price of these cryptocurrencies could not be determined, the report adds.