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Why Crypto Won’t Make You Rich

Stephen Diehl thinks policymakers should be offered an alternate view to crypto enthusiasts’ dreams of a digital-asset Nirvana.   

For some skeptics, the dream of crypto is more like a nightmare. 

For some skeptics, the dream of crypto is more like a nightmare. 

Photographer: Angel Garcia/Bloomberg
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If you’ve ever found yourself on Crypto Twitter, you’ll be familiar with the hype machine that keeps the industry’s thousands of projects going. Rallying cries of “WAGMI” — an acronym for We’re All Going To Make It — and “To the Moon!” abound, found in tweets from accounts with colorful, graphic profile pictures and usually a hashtag or two.

But there are two sides to every story, and if you’ve come across a Twitter display name featuring the Tulip emoji, you might find a crypto skeptic instead. A reference to the Dutch tulip mania of the 1600s, these figures – technologists, academics and writers among them – are working to counteract crypto enthusiasts’ bullish zeal with a dose of reality.