Andrew Tate, a British-American entrepreneur and social media figure, recently called out the so-called “crypto kids” for putting on a show of success in the high-octane, fast-paced world of cryptocurrencies.
Tate, a former kickboxer turned entrepreneur, came to Twitter on April 30, 2023, to offer his opinions with his over 6.5 million followers. He portrayed a grim image of young, inexperienced people who lucked into a fortune during the unpredictable crypto market’s 2021 spike, only to find themselves out of their depth when the easy money ran out.
“There is a new generation of nerds,” Tate said, introducing us to these “Crypto Kids” who made their riches in the wild west of’shitcoins’ and NFTs. However, he argued that their newfound wealth was not a sign of business or financial acumen. Instead, it resulted from a once-in-a-lifetime opportunity in financial history that has since passed.
“The easy money isn’t in crypto anymore,” he said, underscoring the hard truth that these new investors are suddenly confronted with. They’re in their early twenties and have no practical skills or expertise to fall back on, so their bitcoin riches are shrinking, and the expenses are building up.
Tate established a similar story that these “crypto kids” use to sustain their successful image. They buy wealth symbols such as Lamborghinis and pricey watches. They set up social media accounts and market themselves as accomplished entrepreneurs, creating a narrative of business success despite their youth.
“The usual [the story is] “digital marketing agency” or some other vague bullshit that can’t be proven,” Tate remarked, criticizing the often made imprecise, unverifiable assertions. Then comes the sales pitch: these self-proclaimed crypto tycoons begin selling the secret’ to making easy money, typically via online courses or membership sites.
“Some 25-year-old yelling at you that money is easy,” Tate remarked, reflecting on the boldness of these people who got their riches “through the easiest time in the world to get rich by blind luck.”
He closed his post with a warning to his followers. “Do not fall for it,” he said. He compared these “crypto kids” to lottery winners, claiming their success was due to chance rather than aptitude, insight, or competence.
“Would you trust a lottery winner with your business?” he questioned, allowing his audience to contemplate. Tate’s viewpoint reminds us that, although Bitcoin might be thrilling and possibly rewarding, it is also plagued with danger and deception. His words of wisdom? Don’t confuse chance with skill.
To present a more fair view, Andrew Tate has not always been critical of the Bitcoin sector. He voiced his enthusiasm for the advantages that cryptocurrencies, especially Bitcoin, bring to the table in an episode (#1070) of The Pomp Podcast in August 2022.
Tate emphasized the importance of actual ownership and control over one’s money, a virtue typical fiat currencies sometimes lack. He emphasized the susceptibility of cash to issues such as inflation and the complexities sometimes connected with significant financial transactions.
He offered a personal experience about wiring $900,000 to Qatar to support a real estate acquisition to emphasize his argument. The procedure was plagued with legal difficulties and extensive paperwork, underscoring the inadequacies of traditional financial processes.
Tate believes that Bitcoin and other cryptocurrencies can fix many of these problems. He views them as a logical next step for everyone with a forward-thinking perspective.
While Tate has reservations about the ‘Crypto Kids’ and their strategies, his own experiences show that he recognizes the benefits of cryptocurrencies. His cautionary story warns against the idea of easy success rather than an outright condemnation of the crypto world.