The president of indices and data at CoinDesk compared bitcoin to the smartphone. Revolutionary stuff. Nothing builds confidence in an asset like the guy whose salary depends on that asset telling you the asset will change everything.
He works at a company called CoinDesk. They sell bitcoin indices and data. His job title is literally president of indices and data. What did investors think he was going to say? That bitcoin peaked in 2021 and now it's just a speculative casino chip for people who hate sleep? That his entire division should be liquidated because the underlying product is worthless?
The smartphone comparison is perfect though. Everyone said smartphones would never catch on. Except they didn't. People lined up overnight to buy the first iPhone. Bitcoin's been around since 2009 and your aunt still doesn't own any.
Smartphones solved actual problems. You could check email without sitting at a desk. You could get directions without folding a map like some kind of pilgrim. Bitcoin solves the problem of what to do when you have money and you'd prefer to have less money but with extra steps and environmental guilt.
Don't count out bitcoin, he says. Who's counting it out? The same people who counted it out at $60,000? Or the different people counting it out now? Retail traders have the memory of goldfish with head trauma. They'll buy anything if you compare it to something they already own. "Bitcoin is the smartphone of money." "NFTs are the real estate of the metaverse." "This leveraged ETF is the Ferrari of retirement planning."
CoinDesk's president of saying nice things about bitcoin said a nice thing about bitcoin and somehow this qualified as news worth publishing.
Photo by Kanchanara on Unsplash
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