Peter Thiel

How much did it raise people's living standards? much trickier question. But in this world where not much has happened, one of the paradoxes of an era of relative tech stagnation is that when something does happen, we don't even know how to process it. So I think Bitcoin was a It was a big invention, whether it was good or bad, but it was a pretty big deal.

How much did it raise people's living standards? much trickier question. But in this world where not much has happened, one of the paradoxes of an era of relative tech stagnation is that when something does happen, we don't even know how to process it. So I think Bitcoin was a It was a big invention, whether it was good or bad, but it was a pretty big deal.

And it was systematically underestimated for at least the first 10, 11 years. You could trade it. It went up smoothly for 10, 11 years. It didn't get repriced all at once because – we're in a world where nothing big ever happens. And so we have no way of processing it when something pretty big happens. The internet was pretty big in 99. Bitcoin was moderately big. The internet was really big.

And it was systematically underestimated for at least the first 10, 11 years. You could trade it. It went up smoothly for 10, 11 years. It didn't get repriced all at once because – we're in a world where nothing big ever happens. And so we have no way of processing it when something pretty big happens. The internet was pretty big in 99. Bitcoin was moderately big. The internet was really big.

And it was systematically underestimated for at least the first 10, 11 years. You could trade it. It went up smoothly for 10, 11 years. It didn't get repriced all at once because – we're in a world where nothing big ever happens. And so we have no way of processing it when something pretty big happens. The internet was pretty big in 99. Bitcoin was moderately big. The internet was really big.

Bitcoin was moderately big. And I'd say passing the Turing test is really big. It's on the same scale as the internet. And because our lived experiences that so little has felt like it's been changing for the last few decades. We're probably underestimating it.

Bitcoin was moderately big. And I'd say passing the Turing test is really big. It's on the same scale as the internet. And because our lived experiences that so little has felt like it's been changing for the last few decades. We're probably underestimating it.

Bitcoin was moderately big. And I'd say passing the Turing test is really big. It's on the same scale as the internet. And because our lived experiences that so little has felt like it's been changing for the last few decades. We're probably underestimating it.

It can be a big change culturally or politically. But, yeah, the kinds of questions I would ask is how do you measure it economically? How much does it change GDP? How much does it change productivity? And – And certainly the story I would generally tell for the last 50 years, since the 1970s, early 70s, is that we've been not absolute stagnation.

It can be a big change culturally or politically. But, yeah, the kinds of questions I would ask is how do you measure it economically? How much does it change GDP? How much does it change productivity? And – And certainly the story I would generally tell for the last 50 years, since the 1970s, early 70s, is that we've been not absolute stagnation.

It can be a big change culturally or politically. But, yeah, the kinds of questions I would ask is how do you measure it economically? How much does it change GDP? How much does it change productivity? And – And certainly the story I would generally tell for the last 50 years, since the 1970s, early 70s, is that we've been not absolute stagnation.

We're in an era of relative stagnation where there has been stagnation. very limited progress in the world of atoms, the world of physical things. And there has been a lot of progress in the world of bits, information, computers, internet, mobile internet, now AI.

We're in an era of relative stagnation where there has been stagnation. very limited progress in the world of atoms, the world of physical things. And there has been a lot of progress in the world of bits, information, computers, internet, mobile internet, now AI.

We're in an era of relative stagnation where there has been stagnation. very limited progress in the world of atoms, the world of physical things. And there has been a lot of progress in the world of bits, information, computers, internet, mobile internet, now AI.

Well, if we had defined technology, if we were sitting here in 1967, the year we were born, And we had a discussion about technology, what technology would have meant. It would have meant computers. It would have also meant rockets. It would have meant supersonic airplanes. It would have meant new medicines.

Well, if we had defined technology, if we were sitting here in 1967, the year we were born, And we had a discussion about technology, what technology would have meant. It would have meant computers. It would have also meant rockets. It would have meant supersonic airplanes. It would have meant new medicines.

Well, if we had defined technology, if we were sitting here in 1967, the year we were born, And we had a discussion about technology, what technology would have meant. It would have meant computers. It would have also meant rockets. It would have meant supersonic airplanes. It would have meant new medicines.

It would have meant the green revolution in agriculture, maybe underwater cities, you know. It sort of had – because technology simply gets defined as that which is changing, that which is progressing. And so there was progress on all these fronts. Today, last 20 years, when you talk about technology, you're normally just talking about information technology.

It would have meant the green revolution in agriculture, maybe underwater cities, you know. It sort of had – because technology simply gets defined as that which is changing, that which is progressing. And so there was progress on all these fronts. Today, last 20 years, when you talk about technology, you're normally just talking about information technology.

It would have meant the green revolution in agriculture, maybe underwater cities, you know. It sort of had – because technology simply gets defined as that which is changing, that which is progressing. And so there was progress on all these fronts. Today, last 20 years, when you talk about technology, you're normally just talking about information technology.