On May 7, Singer tweeted:
“Bitcoin went from a creative economic experiment to cult of over exposed, get rich quick neo goldbugs rooting for the end of the world.”
He added by referring to the infamous “Wolf of Wall Street” scam artist:
“Everyone is watching the same chart 24/7 and taking online victory laps that would make Jordan Belfort blush every time their only holding has a >5% move.”
It has been reported that with its block reward halving quickly approaching, Bitcoin’s price has risen significantly in recent days by reawakening new hope and hype for the industry, as well as some of the mainstream public.
However, Singer noted that the crypto space is a solid place for trading, trolling, and memes, although fresh market participants only serve as chum for industry “sharks.”
Also, he acknowledges industry builders creating applications with the new burgeoning technology and the struggles those folks face in the shadows of the traders and trolls.
“Those folks should be championed. They are lost in the fray of an absolutely insane cargo cult who wouldn’t pass a college econ 101 class.”
Likewise, in a consequent post, Singer clarified his position by saying that he doesn’t intrinsically dislike Bitcoin or crypto itself, only folks who spread fake hope and hype.
He also posted a number of other tweets with various details on his position, as one comment saw Singer asking if buying Bitcoin permitted him license to pick apart space, including its various impassioned bag-holding camps.
Thus, Singer said:
“It’s almost worth it just to buy one so maybe they’ll actually listen. Their marketing approach is all wrong could prob help.”