One month before billionaire venture capitalist Peter Thiel raved about the advantages of Bitcoin during a speech at a Miami conference, his VC firm Founders Fund had already offloaded an eight-year bet on cryptocurrencies.
While crypto was once one of its core positions, by March 2022, the firm had generated $1.8 billion from selling off the vast majority of its crypto holdings, the Financial Times reported, citing a person close to the fund. Two-thirds of its crypto investment consisted of Bitcoin, according to the FT.
