“Jerry, just remember. It’s not a lie… if you believe it.”
One of the all-time great lines from Seinfeld feels more relevant today than ever before. We’re living through a post-truth moment, particularly in American politics, where folks are more likely to believe appeals to emotion, rather than objective facts. Trust in our institutions has declined rapidly (in some cases, for good reason, in other cases, not so much). Furthermore, it’s becoming harder for Americans to trust one another. Here are some staggering data points to consider:
Polls show that 69% of Republicans do not believe that Joe Biden won the 2020 election fair and square.
Democrats believed Donald Trump’s 2016 victory was illegitimate.
Vaccines are being questioned by social media “wellness” influencers, which has led to a rise in measles infections, which is a disease that was previously thought to have been eradicated from the United States.
Almost 4 in 10 adults in America get their news from social media influencers.
Just 22% of Americans believe that the Federal government will do the right thing, either all the time, or most of the time. Back in 1964, that number was 77%.
It makes sense that in this post-truth moment, we’re also witnessing the rise of cryptocurrencies, such as Bitcoin. If you’re reading this, you probably already know what cryptocurrency is. In the event that you don’t, I recommend checking out this article from Investopedia. A quick and dirty explanation of crypto, is that it’s basically a digital/virtual currency which exists on a network, distributed across many computers. It’s a decentralized structure that exists outside the control of central banks, or governments.
One of the main benefits of crypto, is the ability to process payments without needing a 3rd party. For example, when you purchase something from an online store, you may find that the store is using something like Shopify to process the transaction. These types of 3rd party e-commerce companies exist to help businesses reach customers and process transactions. But what if you don’t want some corporation to know about a particular transaction? What if you don’t want the government to know, either? That’s one of the main appeals of crypto.
I’m fascinated by crypto, but not for the reason you might think. I have no crypto assets, and zero ties to any crypto companies. There’s nothing for me to hide, or keep “off the books.” Rather, my fascination is with everything that comes with crypto: the way people discuss it, the way people use it, how it facilitates scams, and its potential as a vehicle for public corruption.
A few days ago, the 2025 Bitcoin conference wrapped up its 3-day event at The Venetian Resort, in Las Vegas, Nevada. Despite the insistence that crypto is a more stable alternative to traditional “fiat” currencies, the organizers of this conference decided that Las Vegas, the home of degenerate gambling and financial instability, would be a great host. That aside, if you want a brief overview of the various exhibits and events, the official conference website has you covered.
Thankfully, there have been some journalists who gained access to the conference, to help provide some insight into what folks in the crypto industry are thinking. One of the best articles on Bitcoin 2025 that I’ve seen so far, was written by Patrick Redford, for Defector.com Here is my favorite portion of it:
“The bitcoin world makes a convenient landing spot for cheaters, scammers, and freaks because it represents a source of power and money built on the logic of fraud, existing outside of the cultural and political norms of regular society. This explains the conference's pervasive persecution complex better than anything else. To be welcomed here all one has to do is bend the knee, exalt Trump—the patron saint of persecution complexes—say that you're super bullish on the space, and declare the moon your destination. You are not expected to believe any of this stuff, but rather to believe in the predatory utility of saying it.”
There are no atheists in foxholes
This popular aphorism has endured since it’s alleged origin, dating back to World War II. Basically, it means that during times of extreme stress or fear, people will turn towards a belief in a higher power to help guide them. I remember my grandfather telling me about his experience in France during World War II. Although he did not see any front lines combat, he knew what it was like to jump into a foxhole to take cover from enemy aircraft. He was a religious man, and he assured me that more than a few prayers to God were uttered in those foxholes.
Belief in cryptocurrency is not optional for the folks who are in the game. Much of crypto comes down to marketing and sales tactics. That’s why people who love it tend to talk about it as if they’re selling you on a timeshare, or a used car. "Bro, you can’t understand this until you get deep in the weeds. This is the future of money. Centralized governments across the globe are panicking about this shit, bro. You gotta get in now before it gets even more expensive. To the moon!”
Crypto is only useful if people believe in it. Much like how Tesla’s stock is astronomically overvalued, due to a belief in Elon Musk, crypto suffers from the same fatal flaw. It’s built on a belief that other people will also believe in it. Redford explains further:
“Is bitcoin an asset or is it a mechanism? I expected speakers to attempt to mount a coherent use case for bitcoin that distinguished it from its potential as a store of value, though asking for one perhaps misses an obvious point, or assumes a distinction no longer in evidence. Bitcoin's use case is as an alternative asset, because it's a bet on something that only can be said to exist in the most abstract sense—similar to how the performance of Tesla stock has less to do with car sales than with a collective confidence in Elon Musk's ability to warp reality. Bitcoin takes this logic of applied surreality and pushes it to its extreme. It is a bet on the belief that you can create something by believing in it. The mystification—or obfuscation—itself is an onboarding mechanism.”
Everything that’s old is new again
Crypto is “new” in the sense that the technology behind it (the blockchain) had to be created. There is real innovation there, with mining for digital coins, operating in a decentralized way, etc. But the underlying structure of crypto is a belief in the abstract. And as we know, a belief in the abstract is, effectively, a textbook definition of religion. A wise man once said that there are no new ideas. If Mark Twain were alive today to witness the rise of crypto, surely, he would smile as folks confidently declared they are taking part in a new way forward for transactions, and money.