While there were cryptosphere downfalls with far more reaching consequences, few in recent memory are as spectacular as the meltdown of Ben Armstrong a.k.a. Bitboy Crypto. Short time after being ousted from his company over alleged drug abuse and hostile treatment of his partners and co-workers, Armstrong, one of the most iconic and recognisable crypto social media influencers, has admitted that he had an extramarital affair with his former co-worker Cassie Wolfe and tearfully asked for forgiveness from his wife and fans, while denying accusation that he abused hard drugs.
Less than a month later, Armstrong again made headlines, this time in an even more spectacular manner. On September 25th he was arrested in Gwyneth County, Georgia, while livestreaming his altercation with former business partner Carlos Diaz, during which he attempted to take possession of Lamborghini which is apparently subject of dispute. Armstrong, who was visibly agitated, admitted having a weapon in his car, in which he was accompanied by Cassie Wolfe. During the arrest police allegedly found drugs in his possession.
Needless to say, this incident is very likely to be the final nail in the coffin of Armstrong’s career as serious crypto influencer. Many can’t forgive him shilling various crypto projects of suspicious value, including his own Ethereum-based Ben coin, which dropped significantly in price following the incident. They are very likely to be delighted with the incident, just as his fans feel disappointed, betrayed or genuinely saddened with his wife and children are currently going through. Many would be further saddened because Armstrong, for all his faults, deserves credit as one of the first major influencers to point fingers at Sam Bankman-Fried and warn about possible shenanigans at FTX, a crypto exchange whose collapse has created exponentially more financial and economic damage than anything related to Bitboy drama.
In any case, although it is very likely that cryptosphere itself would, at least initially, weather this storm. Armstrong’s trouble were already known for a while and his star was already darkened, so the it is unlikely that would be any major price movements based on the incident. In the long term, Bitboy saga would provide a lot of fuel to no-coiners and US and other governments that are trying to shut down crypto industry, by painting it as domain of criminals or, at the best, irresponsible drug-addicted hacks.
However, regardless how outrageously unique Armstrong case might be and how it would be overemphasised for propaganda purposes, one fact remains and it is elephant in the room many in crypto world has been avoiding fro a long time. Crypto industry has serious drug abuse problem. What happened to Armstrong had, to a lesser degree, happened to Sam Bankman-Friedman, with many of his crucial decision being allegedly affected by Adderall dependency.
This isn’t particularly new phenomenon. Drugs, especially those that were traditionally branded as “soft”, are widely tolerated in crypto world. In 2017, during Consensys conference in New York, many participants experienced hallucinations, paranoia and panic attacks after being given “Consensus chocolats”, later revealed to be laced with LSD. Most people disregarded incident as nothing more than a “clever” prank or even a hoax, but it nevertheless pointed to much broader issue. People involved in crypto tend to be relatively young and had their formative years in time when drugs like marijuana and psychedelics were getting accepted into mainstream society, often being seen as harmless and sometimes even hailed as universal medicine for all kinds of ailments and a way to cope with personal problems or enhance someone’s performance. Among many people, especially young who had entered into crypto world during the latest bull run, drugs are not only fact of life, but essential part of someone lifestyle. Together with enhanced role of social media influencers and crypto cult of personality, in times of market volatility drugs and their ability to cloud someone’s judgment and sound reasoning may have devastating results. Many of those whose crypto handling advice people seek might not have people’s best interest at heart and even when they do, such advice might be affected by chemicals.
In many ways, bear market woes experienced by crypto are result of terrible investment decisions and trading plays made under influence of drugs. It might be a reflection of the same thing that occurred a hundred years ago when rampant alcohol abuse among brokers and investors at Wall Street contributed a lot to 1929 cataclysmic crash.
In any case, the moral of this sad story is just another reminder for people to take much more of personal responsibility. They shouldn’t believe fancy promises about getting rich quick and earning Lamborghini before Christmas and instead reconcile to the fact that the only true path to financial security lies in patience and grinding DCA. No project should be approached on the basis on someone’s charisma or production values of social media studio. And properly assessing such risks is much easier if someone isn’t under the influence of drugs. Taking the lead from former US First Lady Nancy Reagan and her “Just Say No” campaign is important step.
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