In the high-octane, fast-paced world of cryptocurrencies, British-American entrepreneur and social media personality Andrew Tate recently called out the so-called “crypto kids” on their façade of success.
Tate, an accomplished kickboxer turned businessman, took to his Twitter on 30 April 2023 to share his thoughts with his over 6.5 million followers. He painted a stark picture of young, inexperienced individuals who lucked into wealth through the volatile crypto market during its 2021 surge, only to find themselves out of their depth when the easy money dried up.
“There is a new generation of nerds,” Tate began, introducing us to these “crypto kids” who found their fortunes in the wild west of ‘shitcoins’ and NFTs. However, their newfound wealth, he argued, was not a sign of business acumen or financial savvy. Instead, it was the product of a uniquely opportune moment in financial history that has since passed.
“The easy money isn’t in crypto anymore,” he continued, emphasizing the harsh reality these young investors now face. In their early twenties, with no practical skills or experience to fall back on, they’re finding their cryptocurrency fortunes dwindling and the bills piling up.
Tate outlined a common narrative these “crypto kids” adopt to maintain their image of success. They purchase symbols of wealth like Lamborghinis and expensive watches. They create social media profiles and brand themselves as successful entrepreneurs, conjuring up a backstory of business success despite their tender years.
“The usual [story is] “digital marketing agency” or some other vague bullshit that can’t be proven,” Tate wrote, critiquing the vague, unverifiable claims that are often made. And then comes the sales pitch: these self-styled crypto tycoons start selling the ‘secret’ to making easy money, usually through online courses or membership sites.
“Some 25-year-old yelling at you that money is easy,” Tate observed, commenting on the audacity of these individuals who made their fortunes “through the easiest time in the world to get rich by blind luck.”
He ended his thread with a note of caution to his followers. “Do not fall for it,” he warned. Comparing these “crypto kids” to lottery winners, he argued that their success was not based on skill, insight, or expertise but on sheer chance.
“Would you trust a lottery winner on business?” he asked, leaving his audience to ponder the answer. Tate’s perspective serves as a reminder that while the world of cryptocurrency can be exciting and potentially lucrative, it’s also fraught with risk and illusion. His advice? Don’t mistake luck for expertise.
To provide a balanced perspective, it’s worth noting that Andrew Tate hasn’t always been critical of the cryptocurrency world. In an episode (#1070) of The Pomp Podcast in August 2022, he expressed his appreciation for the benefits that cryptocurrencies, particularly Bitcoin, bring to the table.
Tate underscored the power of having true ownership and control over one’s money, a benefit that traditional fiat currencies often fall short of. He pointed out the vulnerability of cash to factors like inflation and the complications often associated with large financial transactions.
He shared a personal anecdote to illustrate his point, recounting his ordeal of sending $900,000 to Qatar to fund a real estate purchase. The process was fraught with legal complexities and endless paperwork – an experience highlighting conventional banking systems’ inefficiencies.
Tate asserted that Bitcoin and similar cryptocurrencies hold the potential to solve many such challenges. He sees them as the natural progression for anyone with a forward-thinking mindset.
So, while he holds reservations about the ‘Crypto Kids’ and their strategies, Tate’s own experiences reveal that he acknowledges the merits of cryptocurrencies. His cautionary tale serves more as a warning against the illusion of easy success rather than a dismissal of the crypto world in its entirety.
