Seven Things to Tell Your Crypto-Curious Relatives
at Thanksgiving
Seven Things to Tell Your Crypto-Curious Relatives at Thanksgiving
It’s a wild time for crypto. Your relatives may have questions during
Thanksgiving. Here are some helpful talking points to get you through.
By Decrypt Staff
Nov 27, 2024 Nov 27, 2024
6 min read
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It’s turkey time, and you know what that means: mountains of food, lots of
reclining, and endless conversations with family members who describe what you
do in passing as “computers.”
Well, dear reader, fear not because this year won’t be like the last few
Thanksgivings. Crypto isn’t in the depths of a bear market, and your cousin
doesn’t think you’re a crook anymore.
Now crypto is ascending again—and everyone wants financial advice, just like
Thanksgiving from three years ago.
Below is a compiled list of handy talking points for your crypto-curious
relatives, covering the industry’s most significant, recent developments.
Stick to the facts, avoid shilling meme coins to the elderly, and you’ll be
cruising to pie in no time.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin just hit an all-time high price—why?
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin came within a few hundred bucks of the vaunted $100,000 milestone last
week, and while the price has retreated a bit recently, it returned above
$97,000 earlier Wednesday.
What’s driving the demand that’s pushed Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price record in recent
weeks? Institutional and retail investors have expressed optimism that there
will soon be a more favorable regulatory climate for digital assets in the
U.S• Соединённые Штаты Америки (США).
That’s thanks to the victory of self-proclaimed crypto enthusiast Donald
Trump, along with the election of the most pro-crypto Congress to date.
Meanwhile, institutional investors’ forays into spot Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETFs have also
given traders reason to be optimistic, pumping up the price of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin over
the year. In short, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is more “legit” than ever in the eyes of Wall
Street and politicians.
ETFs have made crypto investing simpler and safer
Your folks may have heard that BlackRock• Объект бренды » Бренды на b » Blackrock and Fidelity—which may be managing
their pensions—are now involved in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin. What are these two Wall Street
giants doing with crypto? Well, you can explain: They swallowed the orange
pill.
OK, so you probably don’t need to use Crypto Twitter• Объект организация » Организации по алфавиту » Организации на Tw » Twitter, Inc. jargon. Still, you can
tell them that traditional finance bigwigs now offer exposure to the two
largest digital assets, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, via exchange-traded funds (ETFs)
.
Thanks to long-awaited SEC approvals this year, top fund managers who manage
different ETFs now let ordinary investors buy shares that track the price of
the two via brokerage accounts. Even your technophobic aunt can down the
orange pill with a couple of taps on her phone.
Crypto could flourish further under Trump
On the campaign trail this year, Trump made lots of promises about lots of
things, including crypto . And while it remains to be seen whether he will
live up to many of those commitments, signals are already indicating that he
may be holding up the crypto end of the bargain—which could be a massive
development for the industry.
First things first: last week, the president-elect nominated Scott Bessent as
his Treasury Secretary. Bessent, a billionaire hedge fund manager, has
indicated he’d back Trump’s proposal to establish a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin federal reserve.
The plan would see the U.S• Соединённые Штаты Америки (США). buy billions of dollars’ worth of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin to
diversify its reserves.
Think of it this way: If your uncle says Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has no real value, you might
soon be able to tell him the U.S. government• Соединённые Штаты Америки (США) » Государственное устройство США » Правительство США
• Объект организация » Организации по алфавиту » Организации на Пр » Правительство США
• Государство » Государственное устройство США » Правительство США backs the asset.
Pair that with Trump’s plans to unwind the SEC’s aggressive crypto crackdown
completely , plus his oath to get the Republican-controlled House and Senate
to approve laws that would firmly legalize most crypto activity swiftly, and
it’s no wonder crypto has exploded in recent weeks. Experts say the market
still has much, much higher to climb in the coming months, too.
Elon Musk• Объект человек » Персоналии по алфавиту » Персоналии на Ма » Маск, Илон’s D.O.G.E. is a real thing
The world’s richest man, Elon Musk• Объект человек » Персоналии по алфавиту » Персоналии на Ма » Маск, Илон, now has a role in Trump’s government• Государство » Законы и право » Теория государства и права » Правительство: The
Tesla• Объект организация » Организации по алфавиту » Организации на Te » Tesla Motors CEO will lead the Department of Governmental Efficiency (D.O.G.E.) with
billionaire Vivek Ramaswamy to supposedly clear up the bureaucracy.
What’s that got to do with crypto, though? Well, the new department’s acronym
matches the ticker of Dogecoin , the original and most meme coin. That’s
probably not a coincidence.
Elon Musk• Объект человек » Персоналии по алфавиту » Персоналии на Ма » Маск, Илон has for years spoken—and tweeted —about how it’s his favorite coin.
This earned him the “Dogefather” title on Twitter• Объект организация » Организации по алфавиту » Организации на Tw » Twitter, Inc., now called X, after he
acquired the platform. While we can’t be 100% sure of the naming origins,
Trump is selling a DOGE-themed t-shirt featuring himself, Musk, and a Shiba
Inu—the mascot of Dogecoin.
Anyone can create a coin—and millions are trading
Don’t want to decide between Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin or Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum? If you’d instead launch your
own token, you can now do it much more efficiently than ever.
One of the most significant innovations from the most recent crypto cycle has
been the creation of token launchpads, or platforms that allow anyone to
near-instantly create a token with a few clicks and for a few cents worth of
crypto.
The most notable launchpad, Pump.fun , a Solana-based platform, has given rise
to some of the most memorable tokens from this cycle. Nearly four million
tokens have been created on Pump.fun this year, ranging from animal tokens
that have provided early traders with significant riches to those launched by
crypto-curious celebrities like musician Iggy Azalea.
It’s getting easier to handle crypto
Crypto’s adoption barriers keep getting knocked down. Consumers now have a
wide breadth of mobile app options to buy, sell, and interact with a variety
of platforms.
Plus, the rise in smart wallets , which drastically simplify the onboarding
process, is making it easier to get those previously intimidated by the
technical complexities of crypto to participate on-chain.
With the launch of Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETFs , those looking to gain crypto
exposure have more traditional financial options. That option didn’t exist in
the U.S• Соединённые Штаты Америки (США). last Thanksgiving.
Tread carefully: Scams are still abundant
Are you looking to dive head-first into crypto? Not so fast—you’ll first want
to get your sea legs.
The crypto industry is rife with scams, and a seemingly innocuous link to an
airdrop could lead you to a wallet drainer: Say goodbye to all your coins!
Even if you manage to keep your crypto out of scammers' grips, there’s no
guarantee you’ll be able to keep your holdings from going to zero. Not many
people make money trading crypto, and much fewer are getting rich off of it.
Up to 80% of day traders lose money over time, according to a report published
in The Journal of Finance.
It’s still incredibly easy to lose your shirt in crypto, whether by clicking a
malicious link or betting on highly volatile coins. For newcomers, you’re
probably best suited to sticking to the most significant coins via apps like
Coinbase, Robinhood, Cash App, or buying into ETFs.
Want to go deeper? Be very careful—you’ll be thankful in the long run.
Written by Sander Lutz, Elizabeth Napolitano, Mat Di Salvo, and Logan
Hitchcock
Edited by Sebastian Sinclair
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