Founders Fund is a Silicon Valley venture capital firm co-founded by high-profile investor Peter Thiel, co-founder of PayPal. The fund is based in San Francisco and is known as one of the earliest investors in Facebook.
According to a new report from Wall Street Journal, the fund is stepping into the cryptocurrency market as it purchased $15 million to $20 million worth of Bitcoin across several of its recent funds. Although unclear when the investments were made or whether the fund sold any of its holdings, the report claims that the investments began as early as mid-2017 and are currently looking at returns of hundreds of millions of dollars.
Since mid-2017, the value of Bitcoin soared an astonishing 500-600%, reaching an all-time high of over $20,000.
Peter Thiel is known as a supporter of the cryptocurrency market, as he said in October that critics of this market and the Blockchain technology “underestimate” its value. He also stated that Bitcoin should be regarded like gold – it is rather a long-term store of value than an everyday payment method.