One strange thing about crypto is that it is so divisive. 

Depending on whom you speak with, crypto either “has the potential to revolutionize the world economy” or is a bubble “worse than tulip bulbs.”

No other asset class generates this kind of extremes. Some people like emerging markets and some people don’t, but no one threatens to fire employees who invest in emerging markets “for being stupid” (as JPMorgan CEO Jamie Dimon famously said about bitcoin in 2017, when the price was below $5,000).

You’ve probably encountered this in your own life: friends who love crypto, friends who don’t, and very few in between. 

There are lots of reasons for this. Jealousy, I think, is one: People who were early to crypto made a lot of money, and people who weren’t missed out. 

But I think the biggest driver is framing.

Is Crypto a Currency or a Technology?

Most people from the traditional financial world approach cryptoassets like bitcoin in one of two ways: as a currency or as a technology.

As a currency, bitcoin doesn’t always look great at first blush. 


People don’t use bitcoin in their day-to-day lives: Not many are buying their coffee with bitcoin, and the few who do have to go through the hassle of paying taxes on their capital gains. 

Additionally, crypto’s current price volatility makes it hard to imagine living