Recently, Dr. Peter Hotez, a renowned vaccine scientist who has faced consistent harassment from anti-vaxxers, expressed his confusion regarding a peculiar observation. He noticed that many of those who taunted him were also involved in the world of bitcoin and cryptocurrency. He couldn’t quite understand the connection between the two.
Allow me to shed some light on this matter. Welcome to my world.
When we examine debates surrounding public policy, particularly those involving wealthy individuals in the tech industry, a clear correlation emerges. There is a significant overlap between climate denial, Covid vaccine denial, and cryptocurrency cultism.
I have previously discussed the enthusiasm in Silicon Valley for Robert F. Kennedy Jr., highlighting the common thread between these forms of crankdom and their appeal to wealthy men. However, with Hotez’s perplexity and the emergence of Vivek Ramaswamy as another prominent figure within this realm, I feel compelled to delve deeper into the similarities and reasons behind their popularity.
The association between climate denial and vaccine denial is evident. Both cases rely on scientific consensus backed by models and statistical analysis. However, this evidence is not always directly observable in everyday life. People might dismiss the concept of global warming because they experienced snow that morning. Similarly, some question the efficacy of vaccines by citing stories, often misleading ones, about adverse reactions.
To appreciate the significance of scientific consensus, one must possess a respect for the research process and a fundamental understanding of how scientists arrive at their conclusions. This doesn’t imply that experts are infallible or resistant to change. In fact, they acknowledge new evidence and adjust their viewpoints accordingly. For instance, top health officials initially opposed widespread mask usage during the early stages of the Covid-19 pandemic but reversed their stance when compelling evidence emerged – that’s the essence of sound scientific practice.
While it’s understandable that ordinary individuals might struggle with comprehending the intricacies of scientific research, one would expect businesspeople, especially tech entrepreneurs who have amassed wealth through defying conventional thinking, to value research and technical expertise. And indeed, many of them do.
However, certain factors work against this inclination. Success can easily breed a sense of superiority, leading individuals to believe they possess unparalleled intelligence and can effortlessly understand any subject without putting in the necessary effort or seeking guidance from experts. This arrogance seems particularly prevalent among tech figures who have attained riches by challenging established norms. Furthermore, wealthy individuals often surround themselves with like-minded individuals who validate their brilliance or with others who share their self-perceived superiority – a phenomenon dubbed “V.C. QAnon” by tech writer Anil Dash.
So, where does cryptocurrency fit into this equation? At its core, the entire crypto phenomenon stems from the belief held by some tech individuals that they can create a superior monetary system without consulting monetary experts or studying monetary history. Moreover, there is a prevailing notion that the longstanding system of government-issued fiat money is a fraudulent scheme destined to collapse into hyperinflation. This belief is exemplified by Jack Dorsey’s declaration in 2021 that “hyperinflation will change everything. It’s happening.”
Granted, monetary economics is not as concrete a science as epidemiology or climatology. Even within the field, economists engage in more debates on significant issues compared to their counterparts in the hard sciences.
Nevertheless, economics remains a technical and challenging subject, as John Maynard Keynes articulated. Pronouncements about it should not be made without thorough study of theory and history – although such caution is often ignored. Individuals who believe they understand climate better than climatologists or vaccines better than epidemiologists are likely to harbor similar convictions regarding money. They tend to view experts who contradict their beliefs as part of a grand conspiracy.
The recent turmoil in the crypto industry has prompted economists to question whether those involved adequately examined the theory and history of bank runs. The answer, unfortunately, is that they did not consider it necessary.
Indeed, wealthy cranks have always existed, but their prevalence seems to have increased in the wake of the tech boom. Not only are there more of them, but they also possess greater wealth. Additionally, they find a receptive audience within a Republican Party that has lost faith in the scientific community since the mid-2000s.
In response to Dr. Hotez’s puzzlement, it is apparent that a connection does exist. Anti-vax agitation and crypto enthusiasm are just facets of a wider resurgence of know-nothingism, primarily fueled by a tightly knit community of intellectually homogeneous wealthy men.
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