Peter Thiel Is Not a Crypto True Believer
A tale of billionaires and bagholders
Illustration: Yonk for Bloomberg Businessweek
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Even for Peter Thiel, the talk was a little … well … let’s just say it was “spirited.” Nine months ago, Thiel showed up at Bitcoin2022 in Miami Beach, speed-walked onto the stage and, with the manic intensity befitting a true believer, took out a stack of $100 bills. “It’s really weird: What is this?” Thiel asked, waving around the currency. “It’s probably not very good as toilet paper. It’s not good as wallpaper. It’s sort of this crappy fiat money.”