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

“I don’t know that you should put all your money into bitcoin at $60,000 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 $60,000 is an extremely hopeful sign. 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,” he said.

The venture capitalist made his comments before bitcoin blasted higher Wednesday to a new all-time record high of $66,812.68 on the back of Tuesday’s trading debut of ProShares Bitcoin Strategy ETF, the first bitcoin-futures exchange-traded fund. The price of the world’s most-traded digital coin overtook the previous all-time high of $64,804.72 logged in April, around the time when crypto exchange Coinbase went public.

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