As the aroma of roasted turkey wafts through homes and families gather around elaborately decorated tables, there’s a new dish on the Thanksgiving menu this year: crypto. With Bitcoin eyeing the tantalizing $100,000 mark and memecoins like Peanut the Squirrel posting jaw-dropping 3,000% gains, digital assets are once again the talk of the town. And you, the designated family “crypto expert,” need to come prepared with some compelling talking points to win over the normies.
Addressing the Political Stereotypes
The resurgence of crypto coinciding with President Trump’s campaign and victory has led many to associate it with the excesses of MAGA and Elon Musk’s DOGE trolling. Your left-leaning relatives may not be enthused to see crypto so fervently embraced by the new Republican administration. If your cousin on the right won’t touch Bitcoin because of its red and orange connections, steer the conversation to the facts instead.
Emphasize that Bitcoin is a currency that can be used by people of all faiths, making it an inherently apolitical movement that can unite us all. Reference Jason Maier’s book, “A Progressive’s Case for Bitcoin,” which debunks many misconceptions about Bitcoin and highlights its origins as a protest against too-big-to-fail banks, its ability to help poor and marginalized communities, and its potential to create a sustainable environment. While politics can influence price action, crypto itself should never be a partisan issue.
Memecoin Mania: More Than Just a Casino
Between the mimosas and turkey, the next battle you’ll face is over memecoins. With high-flying coins like PEPE, DOGE, and SHIB, and newcomers like PNUT delivering explosive returns, Aunt Cynthia has heard about the memecoin craze and she’s got some opinions to share.
While POPCAT, BONK, and MOODENG capture culture and community in a way that brings a smile to insiders, the flip side is making our industry seem a bit farcical. When trying to get pension funds and family offices to invest in crypto, it’s hard to extol the virtues of Fartcoin, no matter how many Brussels sprouts you’ve eaten. The memecoin mania is fun, but shouldn’t overshadow crypto’s real power to deliver better, more efficient, effective financial services to the world.
For the 1.4 billion people locked out of the traditional financial system, crypto is a superior way to store value, access loans, and build wealth—empowering them to take control of their financial futures.
– Jonathan Isaac, CMO at CoinMarketCap
Ultimately, memecoins are an incredibly innovative new form of financial expression and participation that can provide a sense of community and belonging missing from much of the divisive social discourse on centralized platforms.
Crypto Is Not Just Another Stock
The launch of Bitcoin and Ethereum ETFs this year has led some to say crypto is just another payday for the Wall Street suits. While folks like BlackRock’s Larry Fink can help more Boomers adopt crypto, they’re missing the point. Cryptocurrencies are the antithesis of stocks and other TradFi assets custodied and controlled by centralized depository agents.
Digital assets are yours. They’re decentralized, unseizable, peer-to-peer, require no centralized authority, and often have additional utility beyond a medium of exchange and store of value. The Decentralized Finance (DeFi) sector has opened up a plethora of opportunities, leveling the playing field for individuals to access sophisticated financial instruments, earn a decent APY, or take out a loan without permission. No one can take your crypto if stored properly under your control or halt transactions to prevent you from claiming your funds. It’s a far cry from traditional finance.
Managing the Risk Discussion
Many who became interested in crypto during the last bull run were immediately confronted with one of the largest financial frauds in U.S. history. And those who ran out of patience waiting for prices to go up sold their assets at a less than ideal time. Everyone knows a cousin, niece, or nephew who “lost it all in crypto,” especially NFTs. But for those who at least bought and held Bitcoin, their patience has been duly rewarded. BTC has returned an average of 671% per year since 2013, making it the best-performing asset of our time.
Just look at El Salvador’s success. President Nayib Bukele’s Bitcoin bet in 2021 drew its fair share of critics, but the small Central American country’s Bitcoin holdings have now ballooned to over $500 million, netting it a return on investment of over 100%. Plus, his approval rating hovers around 90% and the homicide rate is now lower than the U.S. Another small country that struck it rich with Bitcoin is the Kingdom of Bhutan, whose Bitcoin holdings now top $1 billion. Does that sound risky to you?
Crypto Is Real, Whether You Can Touch It or Not
Of course, no Thanksgiving dinner would be complete without the old adage that crypto isn’t real. Some folks just can’t stand not being able to put Bitcoin in their pocket, arguing it’s backed by nothing, unlike the dollar which comes with the “full faith and credit” of the U.S. government. Hard facts are your friend for this one. Point to the powerful network of miners behind Bitcoin, crypto’s $3 trillion market cap, ETF providers, institutions, politicians, and nation-states.
Talk about Bitcoin’s fixed 21 million supply cap and emphasize that, unlike the dollar which has lost 92% of its purchasing power since 1933, no more bitcoin will ever be mined and can never dilute the value of your holdings. Bitcoin’s limited supply makes it far more akin to gold as a scarce asset and optimal store of value, compared to the out-of-control money printer behind the greenback that erodes your savings.
Bitcoin offers a compelling solution to many risks inherent in the traditional fiat financial system.
Wondering why the price of everything from ham and eggs to housing to the turkey on the table has gone up? Inflation is a permanent tax on citizens and Bitcoin offers a compelling solution. Or to put it in words Uncle Dave would agree with, Bitcoin offers a hedge against many risks inherent in the traditional fiat financial system.
If despite all this, your family remains unmoved, fear not. It’s better to have tried and failed than never to have tried at all. And Grandma hitting you up about crypto again is the clearest signal you could ask for. So pass the gravy, top off your glass, and keep spreading the good word about the financial revolution happening on the blockchain. One dinner table at a time.
