- Billionaire tech mogul Peter Thiel is investing in crypto again, Reuters reported.
- Founders Fund plowed $200 million into bitcoin and ether in mid-2023, per the news agency.
- Both tokens’ prices have spiked since that spending spree started.
Peter Thiel piled back into crypto last year — and it looks like he timed his return to the digital asset space perfectly.
That’s according to a report by Reuters, which said the billionaire tech mogul’s Founders Fund invested $100 million in bitcoin and another $100 million in ether between late summer and early fall last year.
The timing of that investment suggests Thiel was able to capitalize on the two large-cap tokens’ second-half surge.
Bitcoin has climbed 64% to over $50,000 since the end of June. The surge has been helped by investors’ excitement over the Securities and Exchange Commission’s decision to approve 11 spot ETFs tracking its price.
Ether, the native token of the Ethereum blockchain, is up 36% over the same period.
Founders Fund first started investing in crypto in 2014, when bitcoin was trading at about $750.
Thiel’s firm eventually closed out its positions in March 2022, netting a $1.8 billion profit, although he’s continued to tout digital assets’ potential since.
“We’re at the end of the fiat money regime,” he said at a crypto conference in Miami the following month, suggesting that bitcoin’s price could increase 100-fold from its level of $44,000 at the time.
Instead, crypto suffered a brutal sell-off that year as the Federal Reserve’s decision to raise interest rates and the spectacular implosion of high-profile companies including Sam Bankman-Fried’s FTX drove institutional investors away.