Founders Fund, an early institutional investor in bitcoin, initially bought BTC in 2014 but liquidated its holdings before the 2022 crash, earning approximately $1.8 billion.
Thiel, known for his libertarian views and co-founding PayPal and Palantir, has publicly endorsed bitcoin, praising its attributes as a store of value and hedge against central bank policies.
Despite bitcoin's price plunging to nearly $15,000, its lowest since 2020, the Bitcoin market has seen a gradual recovery, with bitcoin recently hitting $50,000 for the first time in over two years, albeit still below its peak of $69,000 in November 2021.
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