Crypto bulls remain devoted to the faith despite recent price declines, but one investor who isn’t a fan is Acadian Asset Management’s Dr Owen Lamont.
On his blog, Lamont spins a not-so-subtle allegory about the cryptocurrency dream, writing a tale about an orphaned boy named Crypto who sets off on a grand quest to find the mythical Princess Use Case, the key to unlocking crypto’s apparent potential.
Guided by the cryptic Satoshi, Crypto spends years in search of the princess, gathering followers and spreading wild stories about a glorious future.
After years of trying, Crypto finally learns why his search was so difficult: it was all because of the jealous Queen Fiat, who had hidden the princess away from the world in the tallest tower of her castle.
A bloody battle ensues, Crypto finally reaches the tower, only to find ... nothing.
“There was no Princess Use Case. There never had been.” Crypto “put his head in his hands and wept”.
Billionaire money manager Cliff Asness praised Lamont’s analogy, as did Nobel economist Richard Thaler (“a nice fairy-tale to read to your children who are interested in crypto”).
Of course, Lamont is completely wrong with this sarcastic Princess Use Case stuff. Crypto is used for crime, money laundering, and speculation – what more do you want?
