Crypto Derangement Syndrome

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There are countless ways not to make money. The most indefensible is refusing to update one's priors. Nowhere is this seen more than in crypto, where so many people have what I call Crypto Derangement Syndrome. Urban Dictionary gives a good definition:

Take the subreddit Buttcoin, a community 174,000 strong dedicated to you can probably guess from the name:

Even though crypto has been around for 15 years now, is sitting at around all-time highs, and has survived death 476 times, these poor souls just can’t see the light. For example,

A post about Coinbase losing a motion to dismiss against the SEC, which almost nobody in any lawsuit wins:

A post about Dogwifhat, a memecoin that has gone from $0 to $3B in 3 months:

And a post that is the literal definition of Crypto Derangement Syndrome:

When this subreddit was born in July 2011, Bitcoin was worth…$13. These people could literally be up 538362% right now, but instead, they take time out of their days to slander an asset they don’t even own. That is Skip Bayless levels of hating, but at least he gets paid for his schtick. Thus, the only logical explanation for such behavior is immense levels of coping. Unfortunately, they aren’t the only ones with Crypto Derangement Syndrome.

Famous financial guru Dave Ramsey still calls Bitcoin, a trillion dollar asset that is now traded in ETFs and has survived more 75% drawdowns than you have fingers on your hand, thin air:

Peter Schiff, although admitting that he wishes he had invested back in 2010 purely for the profits, still compares Bitcoin to Tulips…a flower…that anyone can grow in their backyard:

These men are both very successful without crypto. But imagine if instead of being stubborn, they were more like Larry Fink, the billionaire CEO of BlackRock, the largest asset manager in the world:

There is a reason that Dave Ramsey and Peter Schiff are multi-millionaires. They are very smart, good at what they do, and have conviction in their beliefs. But there’s also a reason that Larry Fink is a billionaire. He is very smart, good at what he does, has conviction in his beliefs, and is willing to change his beliefs based on new information.

The world is constantly evolving. You need to be to, or you’re going to miss out on opportunities, cope, and ultimately, look like an idiot.