When bitcoin technology entered the international market, Peter Briger was enthusiastic about bringing cryptocurrency into the United States. He believed it was a great opportunity for Fortress Investment Group or FIG in New York and invested into bitcoin, in 2013. From 2014 to 2015, the cryptocurrency market experienced a downturn which had a huge impact on its value. Wall Street Journal reported on November 1st, 2017 that the bitcoins were worth approximately $22 million in value in February 2017. It was during the same month SoftBank agreed to purchase FIG for $3.3 billion.
Since February 2017, bitcoin rose to 551 percent with a value worth $6,600 for one bitcoin. Peter Briger saw Fortress’s investment increase by $120 million in value. When SoftBank acquired FIG, bitcoin had a market value of over $9,000. Financial Times reported in 2018 SoftBank had Fortress to liquidate the bitcoin investment because of volatility. It became a bonus package for Masayoshi Son, the owner and CEO of SoftBank which had a value at $200 million at the time of acquisition.
The acquisition agreement stipulated Peter Briger continue his position as Co-CEO and Principle of Fortress Investment Group in New York. His mission for the cyptocurrency investment was to introduce and regulate the technology in America. As part of the agreement, SoftBank included the bitcoin investment at zero value. Financial Times reported in April 2019 SoftBank took a loss of $130 million after selling the bitcoin investment. When Masayoshi acquired the liquidated asset, it had a value of $150 million in the cyptocurrencymarket.
Peter Briger established the Credit Equity Asset Department at Fortress Investment in 2002 and became a Principle and Chairman years later. After he received a bachelor’s degree and an MBA from Princeton University and University of Pennsylvania, he worked for Goldman, Sachs & Co. After working for the firm for nearly 15 years, he became a partner and sold his interest to invest in FIG. Peter became a billionaire in 2007 and made the List of the World’s Billionaires for Forbes two consecutive years. He manages credit portfolios for private equity and hedge funds comprising undervalued, tangible, intangible, lending, and distressed assets.