Bitcoin is a solution looking for a problem
Almost one year ago, billionaire Peter Thiel threw $100 bills into the crowd from the stage at a cryptocurrency conference in Miami, likening fiat currency to toilet paper and touting bitcoin as the best alternative. Thiel has said that central banks are "bankrupt" and that the fiat money regime is coming to an end. Since his Miami proclamations, bitcoin’s price has fallen by nearly 40%, though in the last few weeks after Silicon Valley Bank’s failure it has had a resurgence. That suggests people think that Thiel is onto something. Those following his advice are sorely misled.