Andrew Tate, a British-American entrepreneur and social media personality, recently called out the so-called “kids of crypto” for demonstrating success in the high-octane and fast-paced world of cryptocurrencies.
Tate, a former kickboxer turned entrepreneur, took to Twitter on April 30, 2023, to share his thoughts with his more than 6.5 million followers. He portrays the somber image of young, inexperienced people who had the fortune to strike it rich during the unpredictable crypto market surge of 2021, only to find themselves out of their depths when easy money ran out.
“There’s a new generation of nerds,” says Tate, introducing us to these “Crypto Kids” who made their fortunes in the wild west of ‘shitcoins’ and NFTs. However, he argues that their newfound wealth is not a sign of business or financial acumen. Rather, it resulted from a once-in-a-lifetime opportunity in past financial history.
“Easy money doesn’t exist in crypto anymore,” he said, underscoring the harsh truth these new investors are suddenly facing. They are in their early twenties and have no practical skills or expertise to rely on, so their bitcoin fortunes are dwindling, and spending is increasing.
Tate created a similar story that these “crypto kids” use to maintain their successful image. They buy symbols of wealth like Lamborghinis and expensive watches. They create social media accounts and market themselves as accomplished entrepreneurs, creating narratives of business success even though they are young.
“The usual (stories) are “digital marketing agencies” or some other cryptic bullshit that can’t be verified,” Tate said, criticizing the frequently made inaccurate and unverifiable statements. Then comes the sales pitch: these self-proclaimed crypto tycoons start selling secrets to making easy money, usually through online courses or membership sites.
“Some 25-year-olds yell at you that money is easy,” said Tate, reflecting on the audacity of those who made their fortunes “through the world’s easiest time to get rich by blind luck.”
He closed his post with a warning to his followers. “Don’t be fooled,” he said. He compared these “crypto kids” to lottery winners, claiming their success was more down to chance than talent, insight, or competence.
“Would you trust a lottery winner with your business?” he asked, leaving his listeners to ponder. Tate’s point of view reminds us that, while Bitcoin may be thrilling and it may be profitable, it is also fraught with danger and fraud. The words of wisdom? Don’t confuse opportunity with skill.
To present a fairer view, Andrew Tate isn’t necessarily critical of the Bitcoin sector. He voiced his enthusiasm for the advantages offered by cryptocurrencies, especially Bitcoin, in an episode (#1070) of The Pomp Podcast in August 2022.
Tate emphasized the importance of actual ownership and control of one’s money, a virtue that fiat currency sometimes lacks. He emphasized the vulnerability of cash to issues such as inflation and the complexities sometimes associated with significant financial transactions.
He offers personal experience of sending $900,000 to Qatar to support real estate acquisitions to underscore his argument. The procedure was plagued with extensive legal and paperwork difficulties, underscoring the inadequacy of traditional financial processes.
Tate believes that Bitcoin and other cryptocurrencies can solve many of these problems. He views them as the logical next step for anyone with a forward-thinking perspective.
While Tate has doubts about ‘Crypto Kids’ and their strategy, his own experience shows that he recognizes the benefits of cryptocurrencies. His cautionary tale warns against the idea of easy success rather than outright condemnation of the crypto world.