Zeke Faux, a renowned journalist and author, dives deep into the crypto world with his latest book, “Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall.”
In this detailed exposé, Faux provides a critical look at the crypto industry’s rapid ascent, focusing on Bitcoin’s rise and the players who have shaped its volatile journey.
Key Takeaways from “Number Go Up”
The Genuine Argument for Crypto Adoption
Faux explores the primary reasons behind the growing adoption of digital currencies. Despite skepticism from traditional financial institutions, crypto enthusiasts argue that Bitcoin offers a decentralized alternative to government-controlled currencies.
The book delves into why politicians and regulators have increasingly warmed up to the crypto space, highlighting the strategic and economic benefits of blockchain technology.
Bitcoin Maximalism: What It Takes to Believe
Bitcoin maximalists are those who believe that Bitcoin is the ultimate cryptocurrency, destined to replace traditional currencies. Faux examines the mindset required to be a Bitcoin maximalist, analyzing the ideological beliefs that fuel this perspective.
He discusses how this community views Bitcoin as a hedge against inflation and a safeguard against economic instability.
The Surprising Profitability of Tether
One of the standout revelations from the book is the profitability of Tether, a stablecoin that has become a cornerstone of the crypto market.
Faux highlights that Tether is more profitable than Nike, earning over $5 billion annually. This surprising fact showcases the financial power of the crypto market, even amid regulatory scrutiny.
| Company | Annual Profit |
|---|---|
| Tether | $5 billion+ |
| Nike | $4 billion |
The Political Influence on Crypto
The book also sheds light on the political dynamics shaping the crypto industry. Faux discusses how digital-asset firms have spent heavily on lobbying efforts, particularly during election campaigns.
He examines the shift in Donald Trump’s stance on crypto, from a skeptic to a supporter, influenced by substantial contributions from the crypto sector.
Key Political Moves Impacting Crypto
| Politician | Stance on Crypto |
|---|---|
| Donald Trump | Pro-crypto after election lobbying |
| Elizabeth Warren | Advocates for stricter regulations |
Meme Coins and Their Enduring Popularity
The narrative around meme coins, like Dogecoin and Shiba Inu, is another intriguing topic in Faux’s book. Despite being considered jokes initially, these tokens have garnered a strong following, thanks in part to celebrity endorsements and social media hype.
Faux delves into how these meme coins capitalize on speculative fervor, attracting a large retail investor base.
Conclusion
“Number Go Up” is a must-read for anyone interested in understanding the complexities of the crypto market. Zeke Faux offers a comprehensive and engaging account of the industry’s evolution, its challenges, and its potential future.
Whether you’re a crypto enthusiast or a skeptic, the book provides valuable insights into one of the most dynamic financial revolutions of our time.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are encouraged to do their own research or consult with a professional advisor before making any financial decisions.
To know more, click here.
