Peter Thiel Says “2021 Bitcoin Long” Is Just As Obvious As “2014 FANG Long”
Although I have never liked his (true) statement that Europeans takes too many holidays to be reliant for a Californian tech startup, he is still a Silicon Valley legend who earns my respect. The man authored the fantastic Zero to One, co-founded PayPal with Elon Musk, made the first venture capital investment in Facebook and then created Palantir.
In the meantime, he’s trying to investigate eternal life and went on the revenge of a lifetime against a media outlet that had published private details about his personal life.
If you don’t know who I’m talking about, you better read up on Peter Thiel.
Although he is mostly known for his futuristic predictions which turn out correct in many cases, he also has a dark side to him. When the website Gawker outed him as being gay in 2007, Thiel vowed revenge and gladly paid the $10 million in legal fees for a known wrestler (Hulk Hogan) on whom Gawker had released a sex tape.
Gawker was forced to pay Hogan a $140 million settlement and went bankrupt. Thiel later admitted that it was money well spent.
The man was interviewed by the Center for Strategic and International studies for a podcast on the current state of macro economics and claimed that what you are now seeing is reverse 2000, which was the new economy versus the old economy (dotcom bubble) and then the old economy won.
This time round it is the opposite, and the new economy is winning. Banks, which Thiel claims are the old economy, are bound to lose out against the new economy, fintech.
Ardent Bitcoin bull Mike Novogratz resumed the podcast in one sentence for crypto enthusiasts. Thiel says that:
Bitcoin is the most stupidly obvious long out there today. Similar opportunity to FANG in 2014. It’s about the 8min mark.
For those of you that don’t know, FANG stands for Facebook, Amazon, Netflix and Google (sometimes Apple gets added to it and then it becomes FAANG). Itwas first termed by a Jim Cramer in 2014 during his Mad Money program.
Great interview with Peter Thiel on broad macro. But says that Bitcoin is the most stupidly obvious long out there today. Similar opportunity to FANG in 2014. It’s about the 8min mark. https://t.co/LnkV7vSsRT— Mike Novogratz (@novogratz) February 27, 2021
Anyone having invested in that combination in 2014 would have seen his money turn a 600% profit. If you know that Thiel was featured in the movie The Social Network as the first investor to see potential in Facebook and that he co-founded PayPal, that is quite the endorsement for Bitcoin in 2021.
I agree with Mr Novogratz that this was quite the quote, but found the 19 minute mark even more interesting where Thiel reveals the difference between Libertarian Crypto and Bitcoin and Communist Artificial Intelligence. Indeed an overall must listen podcast.
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