Stuck in the middle
Cryptocurrency is just like teenage relationships
Anyone who remembers their awkward teenage dating experiences can surely relate to the rollercoaster of emotions which crypto traders have gone through over the last few months. From a peak price of USD 20,000 per Bitcoin (BTC) the current price of BTC is about USD 10,000. That’s a drop of about 50% over a period of slightly more than 1 month.
Cryptocurrency trading is like teenage sex: it can bring you ecstatic highs, or plunge you into the deepest lows.
The fluctuations of crypto mirror the rollercoaster of emotions you go through with a new teen infatuation. Which is pretty much what crypto traders are going through in their relationship with Bitcoin and their ilk.
I wonder why grown adults haven’t learnt the lessons of youth to “guard their hearts” when it comes to something exciting and new.
Crypto-school is in session
Speaking of lessons, what can we learn? This isn’t the first time something like this has happened; remember the late 90s Dot Com boom and bust? And then in the late 2000s, those trading complex derivatives got burnt when the entire market collapsed.
If there’s one thing we can take away from this, it’s that words matter.
The hype cycle created around stuff like cryptocurrency won’t go away. The next shiny new thing is always just around the corner. The exponential speed of technological progress means these cycles will shorten from decades to years to months.
What communicators and marketers can, and should, do is be the voice of reason when these things happen. By virtue of being experts in the shaping of opinion, we know how to manage the narrative. We need to come together and use our powers to serve the greater good when we spot these trends happening. And, occasionally, eat burgers.
Like Peter Parker says, with great power comes great responsibility. We have a responsibility to shake and wake the market and the people around us when actions are outpacing rational thinking. It’s our duty to protect society from getting caught up in something that could hurt them.
So the next time another hype cycle rolls around, what will you do?