Play Bitcoin: Remember, It’s Just a Game
Writer JP Koning on why bitcoin is more lottery than investment
No one invests in the lottery; they play it. Rather than investing in bitcoin, let’s play bitcoin.
On December 8, 2017, just a few days after bitcoin crossed the $10,000 mark for the first time, Coinbase CEO Brian Armstrong published a blog post asking customers to “invest responsibly.” A week after Armstrong’s appeal, the price of bitcoin hit $19,801, paused, and then proceeded on what has been nerve-wracking decline ever since.
In hindsight, Armstrong’s “invest responsibly” post seems timely. Any novice would have saved themselves much money and stress if they’d taken his advice to be careful and had either reduced the amount they purchased or stayed entirely out of the market. These days, Reddit is littered with stories of disillusioned buyers who diverted large amounts of their savings into bitcoin or some other cryptocurrency near the December 2017 highs. One story, recounted in the New York Times, describes a 45-year-old Korean teacher who borrowed money to buy $90,000 worth of cryptocurrencies, only to lose most of it.
I have a problem with the words that Armstrong chose for his blog post. Most people do not invest in bitcoin. They play bitcoin. Using the correct word to describe the…