Elon Musk’s partner successfully got rid of cryptocurrency right before the market crash

The venture capital fund of Elon Musk’s ex-partner and PayPal co-founder Peter Thiel sold almost all of its digital assets at the end of March 2022, just before the market crash. At the time of the sale, the average value of a bitcoin was about $ 44,000, which brought Founders Fund about $ 1.8 billion in profit.

It is interesting that the March sale of cryptocurrency from the Founders Fund wallet has only just become known. According to the Financial Times, representatives of the fund refused to comment on the situation. In April 2022, when Founders Fund had already sold most of its digital assets, Thiel said that he was optimistic about the prospects of the flagship cryptocurrency.

«We are at the end of the fiat money regime ,» the PayPal co-founder emphasized at a conference in Miami. Thiel also suggested that the price of BTC, which was about $ 44,000 at the time, could increase 100 times. However, by that time, Founders Fund had sold almost all of its cryptocurrency.

The Founders venture fund has more than $ 11 billion under management. The Founders Fund has stakes in more than 100 companies, including Elon Musk’s SpaceX, Lyft, a ride-hailing app, and Anduril, a military equipment development company. The fund is also negotiating the purchase of a stake in OpenAI, the company whose developers created the ChatGPT chatbot.