Crypto is a Meme. So is Every Other Investment
The price of Dogecoin (DOGE), the ultimate memecoin and the personification of everything “real” investors hate about crypto, went up 118% this week.
On cue, crypto bros hollered “the bull market’s back!” while crypto critics rolled their eyes.
What do you meme?
Some people might shrug off the latest pump as typical crypto shenanigans, but when most government currencies trade like shitcoins and most governments have no feasible way to pay off the debts they’ve accrued, it’s hard to tell which investment is the risky one.
Our legacy financial system has turned money into a meme. People believe in it because everybody else believes in it.
Yet, most countries don’t produce enough “stuff” to justify the market prices of their currencies. You can see this in the collapse of almost every currency against the US dollar in 2022.
Your money is a mirage, the product of financial engineering, propped up by government decrees and collective nostalgia.
Do you ever feel like cryptocurrency is a meme, too?
So do I.
During a recent client-only briefing from an investment advisory service, one of the presenters called cryptocurrency “Disneyland, the stock market, and…
