Why bitcoin is up by almost 150% this year
Introducing the cockroach theory of crypto
Chopping off their heads does not work: cockroaches can live without one for as long as a week. Whacking them is no guarantee either: their flexible exoskeletons can bend to accommodate as much as 900 times their body weight. Nor is flushing them down the toilet a solution: some breeds can hold their breath for more than half an hour. To most, roaches are an unwelcome pest. Their presence is made all the worse because they are indestructible.
This article appeared in the Finance & economics section of the print edition under the headline “The cockroach theory”
From the December 23rd 2023 edition
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