40,000-word article about cryptocurrency was published in Bloomberg Businessweek, taking up the whole publication.

The highs and lows that digital assets have experienced since 2009 are detailed in Matt Levine's documents.

In 93 years, Bloomberg Businessweek has only had one piece take up the majority of the magazine twice. (If you're interested, the initial instance was for an essay titled "What Is Code?")

Additionally, Bloomberg kindly notes that this is 11.6 times longer than Satoshi Nakamoto's Bitcoin white paper and is equivalent to 8.8 U.S. constitutions.

Editor Joel Weber acknowledges how divisive the industry has grown in the opening paragraph of the lengthy work:

"If you're a disciple, this new dimension is the future. If you're a skeptic, this upside-down world is just a modern Ponzi scheme that’s going to end badly — and the recent “crypto winter” is evidence of its long-overdue ending."

However, he argues that cryptocurrencies are here to stay and that it is therefore essential to comprehend them.

Levine puts flesh on the bones by stating that many early adopters "became extremely affluent very rapidly and were pretty obnoxious about it,"

“They bought Lamborghinis and islands. They were pleased with themselves … They said things like 'Have fun staying poor' and 'NGMI' ('not gonna make it') to people who didn’t own crypto. They were right and rich and wanted you to know it."

He continues by saying that skeptics think cryptocurrencies are only useful for crime -- and that they were "quite satisfied" with the last bear market that saw BTC drop down below $20,000, which was a sign of their doubts.

"It's a good time to be talking about crypto. There’s a pause; there's some repose. Whatever is left in crypto is not just speculation and get-rich-quick schemes. We can think about what crypto means — divorced, a little bit, from the lines going up."

Levine continued by emphasizing that he is not an investor nor a "genuine believer" in cryptocurrency, but he insisted that his piece isn't making the claim that "crypto is dumb and worthless and will immediately evaporate without a trace" because the truth is far more complex than that.

"My goal here is not to convince you that crypto is building the future and that if you don't get on board you'll stay poor. My goal is to convince you that crypto is interesting, that it has found some new things to say about some old problems, and that even when those things are wrong, they’re wrong in illuminating ways."

Oct 29, 2022
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