The Economist Admits "Cool Kids" Own Bitcoin

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Over the summer we highlighted an article in the influential Financial Times which (unsuccessfully) tried to link Bitcoin to QAnon. At the time we guessed that the FT wanted to protect its own readership (mostly financiers and industrials) before the onslaught of crypto would get rid of some of their jobs. Just as self-driving cars are bound to create a generation of unemployed drivers, the mass adoption of crypto is certain to create a lot of jobless bankers.

The FT’s move didn’t work very well though, and ever since then more and more companies are admitting that owning Bitcoin is quite “cool“.

Oddballs, Fantasists and dropouts

The latest in line is the weekly magazine The Economist. Their editors are now in their fifties and sixties and think with romantic memories of youth about the 1970s, and how bars in London were populated with so-called Blitz Kids. They describe a group of youngsters (including Mick Jagger and Boy George) who would later pack pop charts. The group was loathed by everyone because they brought a new sound that would replace the old styles. In with the new if you will.

The Economist admits that when it comes to Bitcoin, this is how financiers currently feel, stating:

This brings us to another hangout for oddballs, fantasists and drop-outs: bitcoin. To most people it seems at best a fad, at worst a con-job. But it refuses to disappear. And its price in dollars is up by around 150% since March.

Yes, for all its oddity, the Bitcoin safe haven is up almost 100% year to date, and even though it’s trades only represent some 2% of the ultimate safety in crisis times, gold, that is a number that even The Economist can’t deny.

The conclude that:

people have become comfortable with gold as an asset because it has been around for so long. Bitcoin is a newcomer, but its use is growing. So if you believe it has a future, you may want to own some.