After 8 years of holding, a billion dollar cryptocurrency was sold by Peter Thiel’s world-famous fund.
Cryptocurrency sale of the famous fund
Peter Thiel’s Founders Fund has successfully sold a billion dollars worth of cryptocurrency at a substantial profit. The most interesting part of the story is Thiel’s speech at the Miami conference as the venture capitalist explained how advantageous Bitcoin is, as he permanently exited the crypto market.
As stated, by March 2022, the company had made $1.8 billion by selling most of its crypto assets. Most of the company’s investment consisted of Bitcoin. Technically, Thiel’s fund sold Bitcoin at one of the best prices available, as it would drop to $15,559 that year. As we stated as Kriptokoin.com, BTC is instantly traded at $ 20,740.
The famous name stated that the value of Bitcoin is below
During his speech at the conference, Thiel did not mention or hint at the fact that his fund had sold most of its holdings. Rather, the investor urged participants to expose themselves to Bitcoin because of the value it brings to the table. Thiel also brought up the fact that BTC is actually undervalued.
Originally the San Francisco-based Founders Fund bought Bitcoin in 2014 when it was trading below $1,000 and kept it in two bull and bear markets. The fund subsequently successfully sold its local top holdings and it is unlikely that it will return to the market in the foreseeable future.
Despite the most recent recovery in the market, almost all institutional investors in the industry in 2021 have now left the market and are sitting on the sidelines. Given the lack of macroeconomic clarity, it is unclear when we will see the cryptocurrency market recover and a new bull run start.
Famous analyst says Bitcoin will skyrocket
Skybridge founder Antony Scaramucci has called 2023 a ‘recovery year’ for Bitcoin and believes that in two to three years the leading cryptocurrency could be trading between $50,000 and $100,000.
“You take risks, but you also believe in [bitcoin] adoption,” Scaramucci said. So if we get the adoption right, which I believe we will, it could easily be a fifty to a hundred thousand dollar asset in the next two to three years.’ said.
Jean-Baptiste Graftieaux, global CEO of cryptocurrency exchange Bitstamp, shares a similar view, saying last week that the next bull run could come within the next two years. It showed the growing interest of institutional investors.
Crypto investors are trying to predict the potential timing of the next Bitcoin bull run after a turbulent 2022. The entire cryptocurrency market has lost nearly $1.4 trillion in value in 2022 due to bankruptcies, liquidity problems and the collapse of the FTX exchange.
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