Instead of running asynchronous code in the converter, let your binding work when the (GetThumbnail) task is complete. Here's a nice post from Stephen Cleary on patterns for asynchronous MVVM - Applications: data binding.
You will find there a class that I think you can use - NotifyTaskCompletion. In the define code:
public NotifyTaskCompletion<BitmapImage> MyThumbnail { get; set; }
MyThumbnail = NotifyTaskCompletion<BitmapImage>(file.GetThumnailAsync());
Then in xaml you can use the converter, which will be launched immediately after the task returns the result:
<Image Source="{Binding MyThumbnail.Result}" Visibility="{Binding
MyThumbnail.IsSuccessfullyCompleted, Converter={StaticResource BooleanToVisibilityConverter}}"/>
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