While Bitcoin has smashed record-high after record-high this past year, low market cap “alt-coins” are where savvy investors currently find the biggest returns.
The upcoming millionaire class has more in common with degenerate gamblers heading to Foxwoods than Warren Buffett. They hurl their retirement funds into cryptocurrencies with colorful animal icons, mocking financial iconoclasts like Buffett for panic selling Delta stock at the onset of the pandemic. They gather in Telegram chatrooms to trade tips, mobilize support around certain digital assets and talk smack about bears and naysayers.
“If I’m not getting a free Lexus airdropped into my phone multiple times a month, I’m doing something wrong,” one blockchain enthusiast told me last month as we discussed how the decentralized cryptocurrency exchange Uniswap gave all its users 400 free tokens last year to celebrate the release of its new digital coin (UNI, which features a pink unicorn as the icon).
Today, those 400 coins would be worth $12,000.
The virtual world these crypto fiends operate in is called “decentralized finance,” AKA “DeFi.” While Bitcoin has smashed record-high after record-high this past year (its current price hovers at $55,000), low market cap “alt-coins” are where savvy investors currently find the