Peter Thiel says bitcoin at $60,000 is a sure sign the ‘decrepit’ political system is about to implode

Partner at Founders Fund Peter Thiel participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City.
Peter Thiel. Neilson Barnard/Getty Images for New York Times
  • Thiel reportedly said bitcoin’s price underscored his view that US politics are unsustainable.
  • Thiel railed against Biden, the Obama administration, and central banks, The Information reported.
  • Bitcoin’s price surged Wednesday to a new high above $US66,000 ($AU87,813).

The US political system is not sustainable, and the skyrocketing price of the decentralized cryptocurrency bitcoin underscores that point, the tech billionaire Peter Thiel said, according to a report from The Information.

“I don’t know that you should put all your money into bitcoin at $US60,000 ($AU79,830) a bitcoin right now,” Thiel said at a Monday night gathering of the Federalist Society, a conservative law group.

“But surely the fact that it is at $US60,000 ($AU79,830) is an extremely hopeful sign,” he said. “It’s the canary in the coal mine. It’s the most honest market we have in the country, and it’s telling us that this decrepit … regime is just about to blow up.”

The venture capitalist made his comments before bitcoin blasted higher Wednesday to a record high of $US66,812.68 ($AU88,894) on the back of Tuesday’s trading debut of ProShares Bitcoin Strategy ETF, the first bitcoin-futures exchange-traded fund. The price of the most traded digital coin overtook the previous high of $US64,804.72 ($AU86,222), which was logged in April, around the time when the crypto exchange Coinbase went public.

Thiel has made crypto-industry investments through venture-capital firms he’s helped establish, including the Founders Fund. He is a backer of 1confirmation, along with Marc Andreessen and Mark Cuban.

Speaking at Monday’s conference hosted by the Stanford Law School chapter of the Federalist Society, Thiel suggested eliminating environmental and immigration laws to balance the US government’s budget, The Information said, adding that Thiel called President Joe Biden a “catastrophe.”

He also spoke against “the Clinton-Obama retreads rearranging the deck chairs and mopping the floors” of the Titanic, and against the world’s central banks, saying the US Federal Reserve is a “center-left institution that’s the most overvalued in the entire Western world.”

Now is the time where the “one-world state” stops, and with the help of crypto, “we’re going to succeed,” he said, according to The Information.

The Information said a White House spokesperson did not respond to a request for comment.