How to Talk About Crypto With Your Family This Thanksgiving

Crypto is libertarian lunacy

Trump’s presidential campaign and subsequent victory ignited the recent surge in cryptocurrency markets, leading some people to link it with the extreme elements of the MAGA movement and Elon Musk’s Dogecoin antics. For those of your liberal relatives who are skeptical about crypto, this association with a new Republican administration may not be helpful. If your conservative cousin is hesitant about investing in Bitcoin due to its perceived ties to certain political groups, focus on the facts instead.

Emphasize that Bitcoin functions as a currency that transcends religious or political boundaries, making it universally accessible. As detailed in Jason Maier’s book “A Progressive’s Case for Bitcoin,” this digital asset challenges common misconceptions and emphasizes its roots as a response to too-big-to-fail banks. Moreover, Bitcoin has the potential to aid underprivileged communities and contribute to environmental sustainability. Regardless of political leanings, crypto should be viewed as a neutral tool rather than a partisan matter, with policies influencing market dynamics rather than the technology itself.

Crypto is a memecoin casino

Between enjoying the deviled eggs and turkey, the next challenge you’ll encounter is meme coins. Coins such as PEPE, DOGE, and SHIB are currently performing well, while PNUT, a newcomer, has been offering impressive returns. Aunty Cynthia has caught wind of the meme coin trend and she’s eager to share her thoughts on the matter.

Although POPCAT, BONK, and MOODENG effectively convey the essence of culture and camaraderie within our industry, they may unintentionally give off a quirky or unconventional image when attempting to attract pension funds and family offices towards crypto investment. The challenge lies in convincing these institutions about the merits of Fartcoin, regardless of how many brussels sprouts one might consume. The memecoin trend is undeniably enjoyable, yet it should not overshadow the genuine potential of cryptocurrency to deliver advanced, efficient, and effective financial services on a global scale.

Cryptos are no different from stocks

2021 saw the introduction of Bitcoin and Ethereum Exchange Traded Funds (ETFs), leading some to argue that cryptocurrency is merely another opportunity for Wall Street executives to make profits. However, individuals like Larry Fink of BlackRock may attract more Baby Boomers to the crypto sphere; they are, however, overlooking the essence of digital currencies. Unlike traditional stocks and financial assets managed by centralized custodians, cryptocurrencies offer a decentralized, individual-owned alternative. They are immune to seizure, operate on a peer-to-peer basis without requiring centralized authority, and frequently possess additional functionalities beyond being merely a medium of exchange and store of value.

The world of Decentralized Finance (DeFi) presents numerous avenues and offers a fair chance for ordinary people to utilize advanced financial tools, earn attractive annual percentage yields (APY), or acquire loans without needing permission. Since you manage your cryptocurrency, no one can seize it unless it’s improperly stored, nor halt transactions that prevent you from accessing your funds. This is a stark contrast to traditional finance systems.

Crypto is a risky investment

During the recent cryptocurrency boom, many individuals jumped into the market without proper understanding, only to fall victim to one of the largest financial scams in U.S. history. Others who grew tired of waiting for prices to climb ended up selling their assets at less than optimal times. You probably know someone who has lost a significant amount in cryptocurrency, especially NFTs. However, for those who purchased and held onto bitcoin, their patience has been generously repaid. On average, Bitcoin has given an annual return of 671% since 2013, making it the top-performing asset over this period.

As a researcher, I’ve been closely observing the remarkable transformation of El Salvador and Bhutan, two countries that have boldly embraced Bitcoin. Initially met with skepticism when President Nayib Bukele announced El Salvador’s investment in 2021, the country’s Bitcoin holdings have surpassed $500 million, delivering a staggering return of over 100%.

Crypto isn’t real

Certainly, a traditional Thanksgiving meal wouldn’t feel quite right without the age-old claim that cryptocurrency isn’t genuine. Some people find it hard to accept not being able to physically possess bitcoin, contending that it lacks tangible backing, unlike the dollar, which benefits from the “full faith and credit” of the U.S. government. However, when faced with this debate, it’s beneficial to focus on concrete evidence. Highlight the extensive network of miners supporting Bitcoin, the substantial $3 trillion market cap of cryptocurrencies, the providers of ETFs (Exchange-Traded Funds), the institutions, politicians, and even nation-states that are embracing this digital currency.

Discuss how Bitcoin has a maximum supply of 21 million units, emphasizing that unlike the dollar, which has seen a dramatic reduction in its purchasing power by 92% since 1933, no additional Bitcoins will ever be created, thus preserving the value of your investment. Bitcoin’s limited quantity makes it more similar to gold as a rare asset and an ideal form of long-term value storage, contrasting with the inflationary money printing practices that erode the worth of dollars held in savings over time.

Are you puzzled as to why prices of items like ham, eggs, homes, and even the holiday turkey have all risen? It’s due to inflation, which can be likened to a constant tax on consumers. However, Bitcoin presents an attractive alternative that serves as a shield against many risks associated with the traditional fiat monetary system – a concept Uncle Dave might approve of.

If despite everything, your family stays steadfast, be encouraged. It’s more beneficial to have dared to fail than to never have dared at all. Moreover, Grandma inquiring about cryptocurrency once more serves as the most obvious signpost you could receive.

Please be aware that the opinions shared in this article belong solely to the writer and may not align with the perspectives of CoinDesk, Inc., its proprietors, or its associates.