Economist: Crypto isn't cool anymore

[Curious T]

The purpose of crypto is not to be cool, but it is still very cool, nevertheless. People still look at you with interest when you talk about crypto. Even on social media, a lot of people talk about crypto because they want to appear cool, so crypto is still very cool.
Aside from being cool, Bitcoin still has value to offer. It is a decentralized system that goes against all that the traditional system stands for. Until there is a better alternative to Bitcoin, Bitcoin will never lose its coolness.

[OgNasty]

Wait a minute...  Crypto was cool at some point?  Everyone laughs at me when they find out I'm "in crypto" so I'm not sure my personal experience aligns with this claim.  Even after becoming insanely successful, I still have friends who make fun of me for liking Bitcoin.  There is a MASSIVE disconnect between people who believe in crypto and those who don't.  Spoiler Alert: Most people still think crypto is dumb and will laugh at you for owning some.  We haven't reached the cool stage yet unless maybe you talk exclusively to Miami gold diggers.

[uneng]

The Economist points to this as a reason BTC's price has declined by about half in the last year. The question is, how does it get back? I can't think of any cultural phenomenon that lost its coolness and then regained it. Usually that's a one way street.

All you said is true, however, keep in mind Bitcoin only gained more adoption (and consequently reached new ATHs) after it went mainstream. So, it's not that counterculture phenomenon boosted Bitcoin to the next level. It was actually the mainstream adoption which did through institutional investors and everyone else who followed their steps.

I would say Bitcoin is still the same, but the environment changed and isn't cool anymore like it used to be 10 years ago and before. Unfortunatelly, there is no way back from where we are. The tendency is to see more regulations and control being introduced in crypto industry.

[JollyGood]

Everyone is entitled to their opinion, including the members of the forum as well as any economist. In my opinion, it seems as though many investors have concluded crypto is not deemed to be a safe investment. The value of gold and silver has increased at phenomenal rates over the past year and part of the reason is investors opting for alternatives to crypto.

If they had confidence that crypto was still a worthwhile investment, they probably would have kept their portfolio. Some investors have given up on crypto because the market is volatile and they want stability.

Video: "Crypto isn't cool anymore"

https://www.economist.com/video/CVan3v3n7ga/ecJNYicn?f=%2F

The gist: Bitcoin is mainstream now, and can be bet on with the same tools your grandpa uses to buy stocks (ETF), and is absolutely mainstream from a regulatory standpoint. And even the president of the USA is a Bitcoin speculator. All of this means that there is nothing "counterculture" about Bitcoin any longer: it's just another button on your investment app--another product among thousands of possibilities.

The Economist points to this as a reason BTC's price has declined by about half in the last year. The question is, how does it get back? I can't think of any cultural phenomenon that lost its coolness and then regained it. Usually that's a one way street.

[Rustam Meraj]

Having lived more than 15 years and leaving short term craze step, they now have trust of large groups and can now use trillions of old age and pension money using normal money tools. Although price may change in its usual four year steps, turning into steady and tradable part of job folder builds much better start to build upon in future than fringe hobby ever did. In money market, going legal and being controlled is always greatest part of success since it is clear that property is here to stay.

[Wind_FURY]

Economist: Crypto isn't cool anymore

What kind of "economist" would base the merits of Bitcoin out of "coolness"? LAUGHABLE.

The "economist" probably needs to do more research on Bitcoin and learn how it works and what actually makes everything in the network stick together. The "coolness" here is Game Theory behind the workings of Bitcoin, but the "economist" probably didn't learn that.

FWIW, I probably should have written the title of the post differently, but the source is The Economist, a the prominent business and politics magazine, not "an economist".

I don't think the person who wrote this article for The Economist is an economist, nor is he pretending to be one.

As to what the author would need to learn about Bitcoin, I think his only interest--like that of perhaps 98% of Bitcoin holders--is the price. The technical workings of Bitcoin's network don't matter to the price when it is just another button to click on one's investment app and otherwise has no fundamentals that drive the price (e.g. like earnings or  commodity prices or whatnot).

The boomer Economist magazine? That's WORSE. Was the "Bitcoin NOT cool anymore" in the cover of the issue? Because we probably should look at the date of publication and observe. It's probably the bottom of the Bear Cycle.

Plus if we're talking about "the price", then that's absolutely good timing from them to embarrass themselves.

[tsaroz]

Video: "Crypto isn't cool anymore"

https://www.economist.com/video/CVan3v3n7ga/ecJNYicn?f=%2F

The gist: Bitcoin is mainstream now, and can be bet on with the same tools your grandpa uses to buy stocks (ETF), and is absolutely mainstream from a regulatory standpoint. And even the president of the USA is a Bitcoin speculator. All of this means that there is nothing "counterculture" about Bitcoin any longer: it's just another button on your investment app--another product among thousands of possibilities.

The Economist points to this as a reason BTC's price has declined by about half in the last year. The question is, how does it get back? I can't think of any cultural phenomenon that lost its coolness and then regained it. Usually that's a one way street.

I agree to some extent. Bitcoin can't just rise infinitely, and it would have an upper limit and with ETF's bitcoin investment had been easy and accessible for all. But my understanding about current bitcoin price is its much less than what it could be. We have not seen any significant effect of bitcoin going through traditional trading channels. There had been a lot of buying and holding but no price rise. There are multiple things to blame for it but I'm still almost certain that bitcoin would soon go over and stabilize over 100K.

[dansus021]

Just because the price is down doesnt mean that Economist: Crypto isn't cool anymore hahaha, I mean up and down of crypto is part of itself.

But yeah Bitcoin is more common today and Bitcoin ETF is everywhere that is why bitcoin now have tight with stock market. When stock fell people are selling their etf which means the etf provider should sell it too. Bitcoin is in its Boring but Giant phase. We might not get the 100x "cool" gains anymore, but we are entering the era of "Global Reserve" gains.

[WatChe]

Just because the price is down doesnt mean that Economist: Crypto isn't cool anymore hahaha, I mean up and down of crypto is part of itself.

But yeah Bitcoin is more common today and Bitcoin ETF is everywhere that is why bitcoin now have tight with stock market. When stock fell people are selling their etf which means the etf provider should sell it too. Bitcoin is in its Boring but Giant phase. We might not get the 100x "cool" gains anymore, but we are entering the era of "Global Reserve" gains.

Due to current war stocks are mostly down but Bitcoin for past 2 days is continuously going up. Bitcoin price is now at its month highest and chances are that price might further go up. When war started Bitcoin price went down a bit and there were predictions that price is going to 50k but now there are predictions that price is going to 80k. As per my understanding Bitcoin goes up when it has to, no one can predict with accuracy that when Bitcoin will go up.

It's normal that whenever Bitcoin goes down we hear things like "its (Bitcoin) not cool any more". As soon as Bitcoin start moving up all such voices disappear.

 

[yhiaali3]

If The Economist is talking about cryptocurrencies in general, I can agree to some extent because most of the cryptocurrencies that were popular years ago are no longer attractive and no longer have much value. But if they mean Bitcoin specifically, they are completely wrong.

They may be looking at temporary dips in the price of Bitcoin, but unfortunately their view is narrow and limited. They do not see the whole picture, nor do they see the status that Bitcoin has come to enjoy as a hedge against inflation, as a safe haven, and as an asset that grows over time.

[JollyGood]

What is stopping another economist putting out a press release stating crypto is very cool? One economist can state one thing and a different economist can state another without any concern about what the facts are.

Think about it, it will have some coverage and the author will be making a name for himself. After all, what other motive will someone have to make these types of comments unless it was to further their own agenda. If it helps them earn a fee in future for making appearances in various outlets, I suppose they will continue laying the groundwork by churning out the statements.

[uchegod-21]

Just because the price is down doesnt mean that Economist: Crypto isn't cool anymore hahaha, I mean up and down of crypto is part of itself.

But yeah Bitcoin is more common today and Bitcoin ETF is everywhere that is why bitcoin now have tight with stock market. When stock fell people are selling their etf which means the etf provider should sell it too. Bitcoin is in its Boring but Giant phase. We might not get the 100x "cool" gains anymore, but we are entering the era of "Global Reserve" gains.

Now, governments recognise Bitcoin, institutions are getting involved and people are adopting Bitcoin more. Op is going to throw away all of these facts and concentrate on the dip. Bitcoin is not like altcoins that ride with hype, bitcoin doesn't need that coolness op is insinuating, Bitcoin is already serving purpose it was created for.

[Son Of Blockchain (SOB)]

 If you were referring to alts maybe I could've agree with you cause they're not very reliable to be held as a strore of value but could be risked on gambling and other forms of predictions.
 But if you meant that Bitcoin isn't cool anymore then you're wrong. Bitcoin is still the best coin anyone could think of, very reliable as a store of value. I've got used to seeing people say negative things about Bitcoin whenever the market is down so I'm not surprised about such comments but I hope they'll still say same when Bitcoin gets to $200k or beyond.

[LFC_Bitcoin]

Forgive me for totally fading the opinion of this so called Economist. Bitcoin continues to burrow deeper into the roots of mainstream finance. Adoption will continue to grow at a steady rate, we will see it hit $1M in the next 10-15 years so let’s keep accumulating.

[Hamza2424]

The Economist points to this as a reason BTC's price has declined by about half in the last year. The question is, how does it get back? I can't think of any cultural phenomenon that lost its coolness and then regained it. Usually that's a one way street.

Haha well let's wait and watch then how Bitcoin regains its coolness again. As a matter of fact I don't think it has shocked any of us with its drops yet, because previously in every bear market it has dumped too hard that it left everyone's mouth wide open that most of them never thought or hoped they could get bitcoin that cheap. That's why the demand was higher than ever.

Same sentiments have been shown by members so far, even the post itself is giving the same feelings about what will happen if it gains its coolness again and there is no doubt in that bro. Let's just not sit on this offer and be ready when Bitcoin gives us a chance.

[Richbased]

Crypto was never a refuge to store money but bitcoin is.
You can't count the numbers of cryptocurrencies that came to the market and didn't survive in the long-term but bitcoin did survive since its invention till date. Cryptocurrencies is just what i call advance gambling because the probability to lose your money is higher than the likelihood for you to gain. Cryptocurrencies was never a safe haven so those who trade on them are just taking a higher risk and this is why i said it is advanced gambling. The only safe haven we have is bitcoin and no cryptocurrency come close. So... Bitcoin is cool while other cryptocurrencies ain't cool.

[gunhell16]

Video: "Crypto isn't cool anymore"

https://www.economist.com/video/CVan3v3n7ga/ecJNYicn?f=%2F

The gist: Bitcoin is mainstream now, and can be bet on with the same tools your grandpa uses to buy stocks (ETF), and is absolutely mainstream from a regulatory standpoint. And even the president of the USA is a Bitcoin speculator. All of this means that there is nothing "counterculture" about Bitcoin any longer: it's just another button on your investment app--another product among thousands of possibilities.

The Economist points to this as a reason BTC's price has declined by about half in the last year. The question is, how does it get back? I can't think of any cultural phenomenon that lost its coolness and then regained it. Usually that's a one way street.

If the US president can speculate, it is not surprising because he is a good businessman and an obvious manipulator who has nothing else in mind or desire than to get a big profit, and he saw the potential in Bitcoin; that is why he does it most of the time.

In addition to this, he has made huge profits in bitcoin several times, and many times have seen him do it, especially every time he activates his secret weapon, the tariff war, and we know that. But overall Bitcoin is not boring; instead, it can even save financial help for our assets, especially in the era we have now, like war. It is just boring for people who do not know about Bitcoin; that is how simple it is to understand.