PayPal Co-Founder Peter Thiel Invests $1.25 Million To Create Floating Micro-Countries

Posted Aug 25, 2011

PayPal co-founder Peter Thiel is putting some of his wealth into an interesting cause. He has put $1.25 million in to create and promote floating micro-countries. Thiel made the investment through The Seasteading Institute.

The Seasteading Institute was founded by Patri Friedman and Wayne Gramlich. The idea for the micro-countries is with the hopes of ?experimenting with new ideas for government.? Seasteading is the concept of creating permanent in the sea, outside territory and jurisdiction of any government or standing nation.

The islands would operate in international waters and would allow a Libertarian style of government that does not have welfare, minimum wage requirements, or weapons restrictions.

Thiel was to launch a floating office park off of the coast of San Francisco, California next year. He expects a full settlement of the island in 2019. Thiel and Seasteading aims to have 10 million floating residents by 2050.

[Digital Trends]