Crypto's Bad Reputation

One of the early indications or red flags for me in 2017 that the rise in crypto prices was a bubble was the fact that the asset class was being covered by so many media outlets. It quickly reminded me of the 1999-2000 stock market with the dotcom bubble appearing everywhere. I remember dotcom startups purchasing multi-million dollar advertising for the Super Bowl that year with no product to even sell, yet stocks when up. The same happened with crypto in 2017 and the peak was when CNBC started having a daily ticker to follow the price of bitcoin as it rose and seemingly broke records every day.

The bubble then bursted and while, like the dotcom titans, many have survived but continue to be subject to criticisms and bad reputations. In fact, I continue to see many negative connotations to the asset class in the media but actually embedded into television shows that try to highlight these issues in what seems to be an unfair way. It also demonstrates the ignorance of many that still do not understand the asset class works and the opportunities it provides to improve our financial system in the longer term.

The first time I came across this was a couple of months ago while my wife was watching a show called Madam Secretary. In the episode, the main characters become concerned with a spike in their electricity bill. They came to realize that it was due to the fact that their son was mining a cryptocurrency. He told them not to worry about the increase in electricity as the amount of crypto he would receive from mining would cover the costs. It ultimately did not work out for them as the crypto became worthless while not reducing the costs to mine despite even investing in better computers! While it was funny for me as I understood the issue, it demonstrates the negative views being put out to the public which hardly understands the technology. It was not even the main theme of the episode but it demonstrated how media continues to influence our thoughts on certain subjects.

Within a few weeks, I also ran into an episode of another show called Queen of the South. This was crazy as the whole concept of the show is how a young lady become the head of a Drug Cartel! The episode showed the Cartel heading to Malta (yes, the blockchain island) to use cryptocurrencies as a way to transact and even launder the revenue from drugs. I could not believe it as prior to this episode, it was all about cash which in real life continues to be the asset of choice for illicit activities. In fact, we continue to hear how cryptocurrencies are actually showing a way for law enforcement to track these activities, not hide them.

While it has been some time since I have seen another one probably due to the fact that there is no longer a bubble, I see how it is easy to spread this bad reputation among individuals that rely on these sources for their decision making. It is unfortunate as the technology only provides a great way to empower those that are particularly left out of the traditional financial system as costs and inefficiency do not allow all to participate. The over 1.7 billion people that remained unbanked continue to need the technology and asset class to develop and these actions really do not help. However, like the dotcom bubble, survivors will ultimately succeed and disrupt the traditional industries in the coming future!

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