Former PayPal CEO Peter Thiel’s founders’ fund has purchased $100 million worth of Bitcoin.

Founders Fund, a venture capital firm founded by billionaire Peter Thiel, has invested $100 million in Bitcoin, sources told Reuters exclusively. The company has allocated $200 million to acquire Bitcoin and other cryptocurrencies, split equally between the two. This strategy further highlights the return of institutional investors to Bitcoin.

Founders Fund, an early institutional investor in Bitcoin, first purchased BTC in 2014 but liquidated its holdings before the 2022 crash, making about $1.8 billion. The company resumed investing in Bitcoin last summer, strategically acquiring Bitcoin and other cryptocurrencies when the price was below $30,000.

Known for his libertarian views, Thiel, who co-founded PayPal and Palantir, has publicly praised Bitcoin’s qualities as a store of value and a hedge against central bank policy. supported. Founders Fund, which manages over $12 billion in assets, continues to expand its investment portfolio with a renewed focus on cryptocurrency ventures.

This resurgence comes after a difficult period for the Bitcoin market in 2022, marked by the collapse of major players such as cryptocurrency exchange FTX. Despite the Bitcoin price plummeting to near $15,000, its lowest since 2020, the Bitcoin market has seen a gradual recovery. Bitcoin price recently hit $50,000 for the first time in over two years. Although still below the peak of $69,000 in November 2021.