Crypto Faithful Are Touting Benefits of Cold Wallets (Podcast)

Stacy-Marie Ishmael, Bloomberg News

BUENOS AIRES, ARGENTINA - MARCH 17: A person holds a cold wallet at the Bitcoin cultural center on March 17, 2022, in Buenos Aires, Argentina. Due to a nearly $45 billion debt restructuring deal with the International Monetary Fund (IMF), the Argentine government will discourage and regulate cryptocurrency transactions to prevent money laundering. Globally Argentina ranks 14th in cryptocurrency adoption. (Photo Illustration by Ricardo Ceppi/Getty Images) , Photographer: Ricardo Ceppi/Getty Images

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Financial markets can be subject to a fair amount of groupthink. The herd effect. Mob mentality, even. [There’s actually some really interesting research into this: check out for example the paper, “Bubbles, Human Judgment, and Expert Opinion” by Robert J. Shiller]Crypto investors are no exception: and their in-group behavior also features a lot of catchphrases. Like the famous “GM”, and the infamous “HAVE FUN STAYING POOR.” Or the tongue-in-check “Bitcoin will fix this,” in which “this” is basically any social or economic issue you can imagine.In this episode, Bloomberg senior editor Mike Regan and Bloomberg reporter Emily Nicolle assess the mood among the crypto faithful - and explain why some of them are now evangelizing cold wallets.

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