Coin Edition -
- Founders Fund’s recent crypto purchase signals renewed interest in cryptocurrency from Silicon Valley.
- The renowned VC invested $200 million to acquire the crypto tokens from late summer to early fall last year.
- Founders Fund started an aggressive Bitcoin acquisition in 2014 before liquidating its holdings ahead of the 2022 crypto market crash.
There is renewed interest in cryptocurrency from Silicon Valley, the historical hotbed of the novel technology which is signaled by the Founders Fund’s recent investment in Bitcoin and Ether. Reports show that the renowned Venture Capitalist (VC) invested $200 million to acquire the crypto tokens from late summer to early fall last year.
This move by the Peter Thiel-owned venture underscores the return of some investment behemoths who left the crypto space during the last bear market. Institutional investors in Silicon Valley comprised the hub of cryptocurrency investments ahead of the 2022 market crash.
A combination of a bear market triggered by the cryptocurrency clampdown, restrictions in China, and the 2022 FTX collapse led to the exit of several notable investors from the crypto market. Digital asset prices crashed, the industry’s image tarnished, and regulatory clampdowns escalated.
The referenced events led to a crypto winter that plunged Bitcoin’s price below $15,000 after reaching an all-time high (ATH) of $69,000 in November 2021, according to data from TradingView. BTC initiated a rebound late last year as the price began to recover, climbing above $50,000 this week to mark its highest price in two years.
Peter Thiel’s Founders Fund is an early Bitcoin investor. The Fund started an aggressive Bitcoin acquisition in 2014 but liquidated its holdings before the 2022 market crash, making a $1.8 billion profit. Reports show that the company’s recent acquisition started when Bitcoin was below $30,000, making more purchases over the past few months.
Bitcoin traded for $50,164 at the time of writing after several days of sustained price rally. The pioneer crypto coin printed eight consecutive bullish candles on the daily chart, surging 18% in one week and recovering its post-ETF approval losses, per TradingView.
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