In the midst of rising prices, Adam Singer showed his disapproval of the entire crypto space, describing it as cult-like.
“Bitcoin went from a creative economic experiment to cult of over exposed, get rich quick neo goldbugs rooting for the end of the world,” Singer tweeted on May 7.
Everyone is “watching the same chart 24/7 and taking online victory laps that would make Jordan Belfort blush every time their only holding has a >5% move,” Singer added, referring to the infamous “Wolf of Wall Street” scam artist.
Bitcoin prices on the move going into the halving
With its block reward halving quickly approaching, Bitcoin’s price has risen significantly in recent days, reigniting new hope and hype for the industry, as well as some of the mainstream public.
Singer noted the crypto space is a solid place for trading, trolling, and memes, although fresh market participants only serve as chum for industry “sharks.”
The Think3 CMO did acknowledge industry builders creating applications with the new burgeoning technology, and the struggles those folks face in the shadows of the traders and trolls.
“Those folks should be championed,” he said. “They are lost in the fray of an absolutely insane cargo cult who wouldn’t pass a college econ 101 class.”
Crypto is not bad in and of itself
In a subsequent post, Singer clarified his position, saying he doesn’t inherently dislike Bitcoin or crypto itself — only folks who spread fake hope and hype.
He also posted a number of other tweets with various details on his position. One comment saw Singer asking if buying Bitcoin permitted him license to pick apart the space, including its various empassioned bag holding camps.
“It’s almost worth it just to buy one so maybe they’ll actually listen,” he said. “Their marketing approach is all wrong could prob help.”
Price exuberance, matched with significant events, often bring out exuberant comments, both positive and negative. On the other side of the table, Morgan Creek CEO, Mark Yusko, recently said Bitcoin could hit a $100,000 price tag over the next year or so.
Cryptox reached out to Singer for a potential follow-up article, but has not heard back as of press time.
