The Crypto Crash was inevitable: you have to wake up from the dream eventually

Ross Hall

May 21, 2021
(Updated on October 27, 2021)

Graphic showing a bitcoin logo rolling down a chart

The week’s “Crypto Crash” made for fascinating viewing. It seemed to come from nowhere, which is hardly surprising. Bitcoin and its ilk are less currency and more a mass consensual hallucination. Sooner or later reality crashes in.

There are no fundamentals to monitor, policy announcements to calm markets, deep analysis that makes long term projections possible. Supporters might say it’s driven by rational thought, impervious to outside influence. Others might suggest it’s pure emotion balanced by regression to the mean.

All you can do is throw in your lot with the others trapped in the dream and watch the charts. Maybe, just maybe, you could put out a few tweets to try and influence the price a bit. You know, nudge it up a bit ready to sell, or drop it down a touch so you can buy some more. Problem is you’re up against a mirror image of yourself doing the exact opposite.

Right up until a major economy restricts cryptocurrency. Or the founder dies and with him the passwords. Or someone figures out how to hack the blockchain (yes, that will happen).

And if you don’t like the returns you’re getting from an “established” currency? Just spin up your own and hope a celebrity billionaire starts tweeting about it.

Until then, enjoy the gamble.

I'm Ross, a digital editorial designer and content creator from the UK now living in Japan. I help growing companies plan, source, produce and promote a range of content. Find out more

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