Peter Thiel Is Not a Crypto True Believer: A Tale of Billionaires and Bagholders

These hucksters come and go with boring regularity, following the Bitcoin hype cycle. What they fail to understand is that Bitcoin doesn't need them. It doesn't need their money, and it doesn't need their ra-ra. I imagine this comes as a shock, and explains in part why these folks are so frequently embedded with obvious scams:

> These crypto companies include the exchange FTX—Thiel and Mr. Wonderful have that in common—and BlockFi, a Thiel-backed service that tried to persuade people to take money out of their savings accounts and put it in crypto instead. Both companies promoted crypto as a no-lose proposition for normal savers, and both are now bankrupt, leaving the investors who trusted them with huge potential losses. Thiel will also almost certainly lose money on these bankruptcies, too, but he’ll be OK. Thanks in part to his well-timed Bitcoin sale, Founders Fund returned $13 billion to investors over a two-year period, according to the FT.