“The dead cat continues to bounce,” wrote investor Jason Calacanis as bitcoin returned to the $80,000 level on Friday.
“What is Bitcoin, 17 years later?”
Calacanis went on to argue that Bitcoin isn’t great for transactions or smart contracts, has an intimidating user experience, and no longer captures the public’s imagination.
“If it comes up at the dinner party,” said Calacanis, “it’s followed by a hearty ‘remember that!’”
“Folks expect bitcoin to be stable and that it’s no longer a way to get rich quick,” he continued. “It’s boring … Advocates went from pirates to suits in orange ties, awkwardly sharing cringe memes — just like the cool kids do!”
“If Bitcoin were going to reach mass adoption and an important use case, it does better than anyone else, it would have by now.”
‘Preserving wealth across generations’
“You’ve watched Bitcoin grow since 2011,” responded Michael Saylor. “It’s now a $1.6 trillion success and the world’s most valuable digital asset.”
“Digital Capital is the killer app,” Saylor continued. “Preserving wealth across generations is a bigger ambition than entertaining a dinner party.”
“The orange tie stays.”