In March 2020, people across the globe received a harsh reminder that the only toilet paper worth anything was the one in your hand. You could have millions in the bank, a Ph.D. in toilet paper science, and a handsome portfolio flush with Charmin stock, but when it was time to really go, there was no substitute for 2-ply within reach.
Crisis has a way of upending—or perhaps restoring?—the natural order of things. We’re all familiar with how runaway inflation in 2018 turned Venezuelan currency to kindling papers. Cash lost its meaning, while physical, tangible goods maintained full value. Yes, toilet paper, we’re talking about you again.
So where does this Covid-19 pandemic leave the least tangible good of all, the cryptoasset? Among the many promises of Bitcoin and other altcoins was that they could hedge anything, even the rise or fall of nations. Yet Bitcoin and all cryptocurrency ate the same nuclear uppercut that traditional markets absorbed. Is the digital coin an illusion, as detractors have warned for years? In the end, is one BTC worth less than the pull-tab of a soup can?
To find the answer, look anywhere. Well-built cryptocurrency continues its march. After nearly descending below $4K, BTC found a semblance of bounce-back and stabilization on an, especially unstable landscape. Perilous downslopes likely remain ahead, but one thing is clear. This crypto stuff is apparently here to stay. In fact, the chaos and anxiety of today could very well forge crypto’s role moving forward.
These times are unprecedented. One can sense the beginning of a new historical era as a result of this global calamity. We’re reminded that both hope and despair are self-feeding machines, and we would all do well to always aim higher. Focus on what matters and love your people. Buy and sell digital assets, as scarcity is still the law of the land. And if you have some toilet paper and canned soup stacked in the garage, even better.