Fred Thiel: Bitcoin is a public utility no one owns but everyone depends on.

Marathon Digital CEO Fred Thiel framed Bitcoin as a public utility — infrastructure that belongs to no single entity yet underpins a growing share of global financial activity. The comparison positions Bitcoin less as a speculative asset and more as foundational layer, akin to the internet or the power grid.

The framing carries weight coming from one of the largest publicly listed Bitcoin miners. If the public-utility narrative gains traction among institutional voices, it could shift how regulators and capital allocators approach long-term BTC exposure.