As families come together to celebrate Thanksgiving, the topic of cryptocurrency is bound to be on the menu alongside the turkey and mashed potatoes. With Bitcoin eyeing $100,000 and memecoins like “Squirrel Nut” grabbing headlines with 3,000% gains, crypto has firmly returned to the spotlight this holiday season. Debates about Bitcoin, dog-themed coins, and “that token Elon tweets about” are sure to liven up the dinner table. As the designated crypto expert in the family, you’ll need a few talking points to win over the normies.
Addressing Crypto’s Libertarian Ties
The Trump candidacy and victory sparked the last crypto boom, and now many associate the industry with the worst excesses of MAGA and Elon’s DOGE trolling. For your left-leaning relatives, the new Republican administration’s enthusiastic embrace of crypto won’t help your case. If your socialist cousin isn’t buying Bitcoin because of its red-orange affiliations, stick to the facts instead.
Point out that Bitcoin is a currency that can be used by people of any political persuasion, making it inherently apolitical and a uniting movement. Reference Jason Maier’s book “The Progressive Case for Bitcoin” which debunks many misconceptions and highlights Bitcoin’s origins as a protest against too-big-to-fail banks, its ability to help poor and marginalized communities, and its potential for creating an equitable, sustainable environment. While politics can drive price action, crypto itself should never be a partisan issue.
Confronting the Memecoin Casino
Somewhere between the deviled eggs and pumpkin pie, the next battle you’ll face is over memecoins. With top performers like PEPE, DOGE, and SHIB, and newcomers like PNUT delivering explosive returns, Aunt Cynthia has heard about the memecoin craze and she wants to weigh in.
While BONK and MOODENG demonstrate community and culture in a way that makes insiders smile, the flip side makes our industry look a bit scammy. Trying to get pension funds and family offices to allocate to crypto is a hard sell when Fartcoin is pumping, no matter how much Brussel sprouts you ate. The memecoin mania is fun, but it shouldn’t overshadow crypto’s real power – providing better, more efficient, and effective financial services to the world.
It’s really quite simple – for the 1.4 billion people who lack access to traditional finance, crypto offers a superior way to store value, access credit, and build wealth, empowering them to take control of their financial futures. Plus, when you get down to it, memecoins are an incredibly innovative form of expression and financial participation that can create a sense of community and belonging lacking in most polarizing social discourse on centralized platforms.
Crypto is Not Just Another Stock
The launch of Bitcoin and Ethereum ETFs this year says something about crypto just being another cash cow for Wall Street suits. While folks like BlackRock’s Larry Fink can help bring more Boomers into crypto, they’re missing the point. Cryptocurrencies are the opposite of stocks and other TradFi assets that are administered and held by centralized custodians. Digital assets are owned by you. They are decentralized, uncensorable, peer-to-peer, require no central authority, and often have additional utility beyond a medium of exchange and store of value.
The decentralized finance (DeFi) sector has unlocked countless opportunities and leveled the playing field for regular people to access sophisticated financial instruments, earn a decent APY, or get a loan without permission. No one can confiscate your crypto if it’s properly stored under your control or halt trading so you can’t access your funds. That’s totally different from traditional finance.
Crypto is a Risky Investment
Many who got into crypto during the last bull run immediately faced one of the largest financial frauds in U.S. history. And those who got tired of waiting for price appreciation sold their assets at a less than ideal time. Everyone knows someone’s cousin, niece, or nephew who “lost everything in crypto”, especially in NFTs. But for those who at least bought and held Bitcoin, their patience has been well rewarded. Since 2013, BTC has delivered an average of 671% annualized returns, making it the best performing asset of our time.
Just look at El Salvador’s success. President Nayib Bukele’s Bitcoin bet in 2021 garnered quite a bit of criticism, but the small Central American nation’s Bitcoin holdings have now grown to over $500 million, delivering over 100% return on investment. Plus, his approval rating hovers around 90% and the murder rate is now lower than the U.S. Another small country making big strides with Bitcoin is the Kingdom of Bhutan, whose Bitcoin now amounts to over $1 billion. Sound risky to you?
Crypto Isn’t Real
Of course, no Thanksgiving dinner would be complete without the old chestnut about crypto not being real. Some people just can’t wrap their heads around not being able to put Bitcoin in their pocket, claiming it’s backed by nothing, unlike the dollar which comes with the “full faith and credit” of the U.S. government. Cold hard facts are your friend here. Point to the robust network of miners securing Bitcoin, the crypto market’s $3 trillion capitalization, ETF providers, institutions, politicians, and nations.
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 it can never diminish the value of your holdings. Bitcoin’s limited supply makes it more akin to gold as a scarce asset and optimal store of value, compared to the unchecked money printer behind the US buck, eroding the value of your savings.
Curious why everything from ham and eggs to housing and the turkey on the table has gotten more expensive? Inflation is a perennial tax on the people and Bitcoin offers a compelling solution. Or as Uncle Dave might agree, Bitcoin provides protection from many of the risks inherent in the traditional financial system’s fractional reserve banking.
If after all this, your family remains unconvinced, take heart. Better to have tried and failed than to never have tried at all. And Grandma’s questions about crypto are the clearest top signal you can get.
