Former PayPal CEO and Founders Fund co-founder Peter Thiel, during an interview with CNBC reporter Andrew Ross Sorkin at the Aspen Ideas Festival this week, stated that he still holds Bitcoin, but admitted that he bought too little. However, Thiel expressed pessimism about the future price potential of Bitcoin, citing a previous report from Zombit that his venture capital firm, Founders Fund, closed most of its eight-year cryptocurrency holdings before the 2022 cryptocurrency market crash, realizing approximately $1.8 billion in investment gains. Founders Fund initially invested in Bitcoin in early 2014 and continued to increase its investment over the following 8 years, with approximately two-thirds of its total investment used to purchase Bitcoin. By the end of March 2022, Founders Fund had almost cleared all cryptocurrency-related investment portfolios. However, Reuters reported in February of this year that Founders Fund reinvested $100 million when the price of Bitcoin fell below $30,000 in 2023. Thiel himself has long been an advocate for Bitcoin and during the bullish market period in 2021, he also expressed the view that he had not invested enough in Bitcoin.
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