PayPal’s Peter Thiel may be a ‘genius’, but I’m still not champing at the bitcoin

theguardian.com:

Since powdered rhino horn has (rightly) been banned, only two aphrodisiacs remain: political power and great wealth. Of these, the second is the more interesting, partly because most humans, especially journalists, seem to be affected by it. It’s what leads them to assume that if someone is fabulously rich, then she or he must be very smart. That’s why the super-rich are invariably surrounded by fawning sycophants – and also why they eventually come to believe that they themselves are geniuses.

Which brings us neatly to Peter Thiel, Silicon Valley’s leading contrarian. With a net worth of perhaps $5bn (£3.9bn), he is undoubtedly rich, though not in the Elon Musk, Jeff Bezos or even Bill Gates league. But since he is the only public intellectual that the tech industry has produced, there is a widespread belief that he must also be a deep thinker, which is why organisations ask him to give “keynote” speeches.

The function of such addresses is to give an elevated tone to what are otherwise sordid proceedings, which explains why Thiel was invited to address the 2022 bitcoin conference in Miami, which was billed as “a four-day pilgrimage for those seeking greater freedom and individual sovereignty”. Given that the attendees at this shindig were likely subscribers to the view that he is a genius, it was an easy gig for the great man. Think of it as Narendra Modi addressing the annual conference of the Bharatiya Janata party and you’ll get the general idea.

Thiel was there to tell the attendees that they were the Lord’s anointed. Bitcoin is the new gold that one day should take its place alongside the precious metal as the world’s store of value, replacing equities (ie company shares), which, at $115tn are currently much bigger