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.
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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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