Run the Numbers #25: Bitcoin Memes Going Viral

Bitcoin & Data Science

2021.02.20

Bitcoin has always had good memes. In fact I would argue that Memes are an important part of Bitcoin’s success. Bitcoiners have a knack for boiling down the core principals of Bitcoin into short, memorable phrases and imagery. Some of the most popular these days are “Orange Coin Good”, “Number Go Up”, “Bitcoin Fixes This”, and “This Is Good For Bitcoin” (referring to just about anything).

The most celebrated early graphic meme was from Reddit r/Bitcoin, the famous Magic Internet Wizard:

Interesting articles and Reddit thread on the original ...
Source: r/Bitcoin

The crude drawing was a perfect analogy for early Bitcoiners to explain it to new people: “magic internet money.” Since then values and narratives around Bitcoin have matured, and so have the memes. Over the past three days a new meme was born, sending Bitcoin completely viral on social media and culminating with a United States Senator and Congressman participating in the fun.

https://d.newsweek.com/en/full/1739279/cynthia-lummis-twitter-photo.png?w=790&f=5cbc0a46f98aa457edca3686e7290ac6
Senator Cynthia Lummis, Source: twitter.com

The hashtag #LaserEyesTill100k first started circulating in the Bitcoin Twittersphere three days ago and has caught like wildfire. As the hashtag sums up, Bitcoiners are adding laser eyes to their avatars, presumably until the asset hits $100,000 USD. Whether or not everyone holds fast until that day is beside the point. The meme went so viral that celebrates like Elon Musk began participating. It got the attention of mainstream media yesterday when Senator Cynthia Lummis and Congressman Warren Davidson, both vocal supporters of Bitcoin, added laser eyes to their Twitter avatars.

Congressman Warren Davidson, Source: twitter.com

The vitality of memes in the Bitcoin help to distill and communicate Bitcoin’s attributes and value proposition such as its scarcity, fair and open system, unstoppable and uncorruptible nature, and tendency to increase in value over time. I do not expend this trend to stop or slow down as we are now firmly in a bull market hitting new all time highs (over $55,000 at the time of writing).