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.”
Bitcoin went from a creative economic experiment to cult of over exposed, get rich quick neo goldbugs rooting for the end of the world, all watching the same chart 24/7 & taking online victory laps that would make Jordan Belfort blush every time their only holding has a >5% move. — Adam Singer (@AdamSinger) May 8, 2020
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.
All right @Benaskren I finally jumped in and grabbed 1 Bitcoin , I can’t sit on the sidelines any longer . You got me !!! I still have no clue what it’s all about but I’m in … you might have to coach me they this . — Eddie Alvarez (@Ealvarezfight) May 7, 2020
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.”
Look if you're here for trading, memes & shitposting (and I know lot of you are) it's great. Recruiting new blood to the crypto casino further enriches the sharks in that market. But let's not pretend that ecosystem is about much else. I respect the people who awknowledge this. — Adam Singer (@AdamSinger) May 8, 2020
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.
For the record I don't even hate crypto or bitcoin. Just people tweeting absolutely redic spam to create fomo or make patently false statements about how the existing financial system works (in attempt to recruit more people to become shills). It hurts the whole sector. Grow up. — Adam Singer (@AdamSinger) May 8, 2020
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.”