Peter Thiel (and most the world’s) Mistake With Bitcoin
It’s hard to blame most people for not understanding Bitcoin and cryptocurrencies as a whole. To really have a basic, functional knowledge of Bitcoin you have to assume a lot about the person who does upfront. First, they have to be financially literate, understand how supply and demand and scarcity all work, while also understanding how the blockchain technology behind this digital currency all works.
To put the cherry on top, they have to have also moved past the damning stereotype that the only people who use Bitcoin are drug dealers and criminals.
Have all that knowledge packed together and then take away the skepticism, you have yourself a person who supports Bitcoin, probably even owns some. Sadly, that is still only a small percentage of the global population.
Of all the people who should have been on board with Bitcoin from the beginning, millionaire tech entrepreneur and founder of PayPal, Peter Thiel, was surprisingly not one of them-- at least not in the fullest.
According to a recent article from Bitcoin News, Thiel’s biggest regret was not investing more capital into accumulating Bitcoin when it was remarkably cheaper than it is today. “The biggest mistake I made in the last decade was getting too late and too little into Bitcoin,” Thiel said.
“You know, we invested in 2014 in Founders Fund and did reasonably well, but it was on my radar in 2010 and 2011” says Thiel, “We had seen all these crazy cryptocurrency people, at the time at Paypal, it was one of the things that I was actually super interested in and it motivated me, but none of the models quite worked.”
Let this be a lesson that if you’ve ever felt you were “late to the game” on Bitcoin, you’re not alone, you can even say you’re in good company.
The corporate-crypto space may be booming now, but only to those who actively pay attention. Ten years ago, grandma never heard about Bitcoin. The odds are now she at least has heard of it, and maybe has a bare-basic understanding. However, getting grandma to invest is probably out of the question.
Until massive, huge mass adoptions come to Main Street America, you can at least pat yourself on the back for owning some Bitcoin now compared to those who will buy in when it is remarkably more expensive years from now.
If anything, the events of the COVID lockdowns and further authoritarian advancement in western countries have begun to show politically disenfranchised individuals that Bitcoin is more than fake internet money, it is a political statement.
The article ends with echoes of the main takeaway of Thiel’s point, where he stresses that Bitcoin is “the canary in the coal mine… it’s the most honest market we have in the country.”
All I’d add is this; it is the most honest market we have on the face of the earth.
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