PayPal’s Peter Thiel may be a ‘genius’, but I’m still not champing at the bitcoin | John Naughton

People are confusing wealth and intelligence if they read too much into the tech entrepreneur's cheerleading for the cryptocurrency

Since powdered rhino horn has (rightly) been banned, only two aphrodisiacs remain: political power and great wealth. Of these, the second is the more interesting, partly because most humans, especially journalists, seem to be affected by it. It's what leads them to assume that if someone is fabulously rich, then she or he must be very smart. That's why the super-rich are invariably surrounded by fawning sycophants - and also why they eventually come to believe that they themselves are geniuses.

Which brings us neatly to Peter Thiel, Silicon Valley's leading contrarian. With a net worth of perhaps $5bn (3.9bn), he is undoubtedly rich, though not in the Elon Musk, Jeff Bezos or even Bill Gates league. But since he is the only public intellectual that the tech industry has produced, there is a widespread belief that he must also be a deep thinker, which is why organisations ask him to give keynote" speeches.