According to new reports, Peter Thiel’s Founders Fund has made large profits off $15-20 million investments in cryptocurrency.
Peter Thiel first waded into the cryptocurrency world through statements in 2017, in which the billionaire co-founder of PayPal quipped that investors and critics alike may be ‘underestimating‘ Bitcoin.
Now, a new report by The Wall Street Journal has elucidated that Thiel’s comments might have an interesting origin.
According to the Journal, Thiel’s Founders Fund – the venture capital firm that has made prolific investments in companies such as Facebook and SpaceX – has taken a long-term bet on Bitcoin with initial investments between some $15-20 million USD.
Reports indicate that Founders Fund has purchased small amounts of bitcoin throughout the course of 2017, and that the total sum of that investment now might be equal to several hundred million dollars in an attempt to establish a ‘toehold’ in the cryptocurrency market.
A Founders Fund spokesperson commented that the company has invested in several bitcoin infrastructure companies such as BitPay, BitGo, Polychain, and MetaStable, but did not confirm that the company had invested in bitcoin itself.
Should Founders Fund indeed have invested in bitcoin, the move would represent a compelling difference in approach compared to many other venture capital firms, which have typically invested in blockchain startups as opposed to cryptocurrencies themselves.
What are your thoughts? Could Peter Thiel’s Founders Fund have invested itself in bitcoin? Be sure to let us know your opinion in the comments below!