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Anushree Dave
According to the Financial Times, Founders Fund, a venture capital firm founded by billionaire investor Peter Thiel, closed its cryptocurrency bets ahead of last year’s market crash.
According to a Financial Times report, Founders Fund, a venture capital firm co-founded by billionaire investor Peter Thiel, cashed out in cryptocurrencies before last year’s market crash, raising about $1.8 billion. earned a dollar
The fund first invested in bitcoin in early 2014 and used two-thirds of its total investment to buy cryptocurrencies, a source close to the fund told the Financial Times.
However, by the end of March 2022, the fund had sold most of its cryptocurrency portfolio just before the market hit last May, sources said. The Founders Fund is currently not making any major investments in cryptocurrencies, sources told the Financial Times.
Founders Fund declined MarketWatch’s request for comment.
Thiel has long been an avid Bitcoin advocate and has spoken out against cryptocurrency critics. Bitcoin in 2022 At his annual Bitcoin conference in Miami, Thiel called Warren his Buffett and said he was at the top of the “enemy list” of those trying to stop cryptocurrencies. rice field. Thiel also called Jamie Dimon, the CEO of JP Morgan, and Larry Fink, the CEO of BlackRock.
The Founders Fund has over $11 billion in assets under management.
-Anushree Dave
(Closed) Dow Jones Newswire
01-21-23 0943ET
Copyright (c) 2023 Dow Jones & Company, Inc.
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