Crypto Faithful Are Touting Benefits of Cold Wallets (Podcast)
Assessing the mood of crypto loyalists; why some proponents are now evangelizing cold wallets.
A person holds a cold wallet in Buenos Aires, Argentina.
Photographer: Ricardo Ceppi/Getty ImagesListen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify.
Financial markets can be subject to a fair amount of groupthink. The herd effect. Mob mentality, even. [There’s actually some really interesting research into this: check out for example the paper, “Bubbles, Human Judgment, and Expert Opinion” by Robert J. Shiller]
Crypto investors are no exception: and their in-group behavior also features a lot of catchphrases. Like the famous “GM”, and the infamous “HAVE FUN STAYING POOR.” Or the tongue-in-check “Bitcoin will fix this,” in which “this” is basically any social or economic issue you can imagine.
In this episode, Bloomberg senior editor Mike Regan and Bloomberg reporter Emily Nicolle assess the mood among the crypto faithful - and explain why some of them are now evangelizing cold wallets.