Ah, Thanksgiving – that special time of year when we gather ’round the table to give thanks, break bread, and…talk crypto? With Bitcoin eyeing $100K and dog coins like Pinata Inu grabbing headlines with 3000% gains, crypto is firmly back on the menu this holiday season. The family debates over Bitcoin, meme coins, and “that dog coin Elon tweets about” are sure to spice up the dinner table chat, and you, the designated “crypto person,” are going to need some discussion points to win over the normies.
Crypto Is Libertarian Madness
Trump’s nomination and eventual victory sparked the latest crypto bull run, and many now associate it with the worst extremes of MAGA and Elon’s DOGE trolling. For your liberal relatives, seeing crypto so fiercely embraced by the new GOP administration won’t do your cause any favors. If cousin Ted buys Bitcoin for its red-orange affiliations, pivot to the facts instead.
Point out that Bitcoin is a currency that can be used by people of all creeds, making it inherently apolitical and a movement that can unite us all. Reference Jason Maier’s book “A Progressive’s Case for Bitcoin” which dispels many Bitcoin misconceptions and highlights its origins as a protest against too-big-to-fail banks, its ability to help poor and marginalized communities, and its potential for creating a sustainable environment. While politics may drive price action, crypto itself should never be a partisan issue.
Crypto Is Memecoin Madness
Somewhere between the deviled eggs and turkey, your next battle will be the memecoin mania. With high-flying coins like PEPE, DOGE, and SHIB, plus newcomers like PNUT delivering explosive gains, 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 ways that make insiders grin, the flip side makes our industry look a bit delulu. When you’re trying to get pension funds and family offices to allocate to crypto, it’s hard to make the case for Fartcoin, no matter how much Brussels sprouts you’ve eaten. The memecoin mania is fun, but it shouldn’t overshadow crypto’s real power in delivering better, more efficient, more impactful financial services to the world. It’s simple – for the 1.4 billion unbanked, crypto is the best way to store value, access lending, and build wealth, empowering them to control their financial futures. Plus, when it comes down to it, memecoins are an incredibly innovative new form of expression and financial participation that can provide a sense of belonging and community missing from many polarizing social discourses on centralized platforms.
Crypto Is No Different Than Stocks
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 may help onboard more Boomers to crypto, they’re missing the point. Crypto is the antithesis of stocks and other TradFi assets that are administered and held by centralized custodians. Digital assets are yours. They’re decentralized, uncensorable, peer-to-peer, don’t require centralized management, and often have extra utility beyond medium of exchange and store of value.
The decentralized finance (DeFi) sector has opened up a world of opportunities and leveled the playing field for average people to access sophisticated financial instruments, earn a decent annual percentage yield, or take out a non-permissioned loan. One can’t seize your crypto if it’s stored properly under your control, or halt trading to prevent you from withdrawing your funds. It’s totally different from TradFi.
Crypto Is A Risky Investment
Many who got into crypto during the last bull cycle were immediately confronted with one of the biggest financial frauds in US history. And those tired of waiting for prices to go up sold their assets at the wrong time. Everyone knows someone’s cousin or niece or nephew who “lost it all in crypto,” especially NFTs. But for those who bought and at least held Bitcoin, their patience has been duly rewarded. BTC has delivered an average 671% annually 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 a fair share of criticism, but the small Central American nation’s Bitcoin holdings have now soared to over $500 million, netting over 100% return on investment. What’s more, his approval rating hovers around 90% and murder rates are now lower than the US. Another small country that went big on Bitcoin is the Kingdom of Bhutan, whose Bitcoin holdings now top $1 billion. Does that sound risky to you?
Crypto Isn’t Real
Of course, no Thanksgiving dinner would be complete without the old chestnut that crypto isn’t real. Some folks just can’t wrap their heads around not being able to put Bitcoin in their pocket, claiming it’s not backed by anything, unlike the dollar which comes with the “full faith and credit” of the US government. Cold hard facts are your friend on this one. Point to the powerful network of miners securing Bitcoin, crypto’s $3 trillion market cap, the ETF providers, the institutions, politicians, and nation states.
Talk about Bitcoin’s 21 million hard cap supply and emphasize that – unlike the dollar which has lost 92% of its purchasing power since 1933 – no more will ever be mined and can never debase the value of your savings. Bitcoin’s limited supply makes it far more akin to gold as a scarce asset and optimal store of value, compared to the runaway printing press behind the dollar that erodes the value of your savings.
Wondering why the price of everything from ham and eggs to housing and the turkey on the table has gone up? Inflation is a perpetual tax on the people and Bitcoin offers a compelling solution. Or to put it in terms Uncle Dave would agree with, Bitcoin offers a hedge against many of the risks inherent in the traditional fiat financial system.
If after all that, your family remains an immovable object, don’t fret. ‘Tis better to have tried and failed than never to have tried at all. And grandma asking about crypto again is about the clearest top signal you can get.
