Zeke Faux, author of “Number Go Up,” sits down with Julie Hyman and Josh Lipton on Asking for a Trend to talk about how cryptocurrency has become a hot-button issue ahead of the upcoming presidential election. “When I talk to Bitcoin (BTC-USD) proponents, you get a lot of pitches about its digital gold. It’s a store of value because Bitcoiners have pretty much given up on pitching it as something you’re going to use to buy your coffee in the morning or whatever,” Faux tells Yahoo Finance. He adds despite the view that crypto stores value, “From the price action, what we’ve seen is it’s moving pretty much with other risk assets… It’s moving a lot more in lockstep rather than like being a hedge the way they pitch it.” The author explains, “The title of the book, ‘Number Go Up,’ comes from something I heard a Bitcoin guy say at a conference, and he was like, if the price goes up, it gets people excited. The more people will buy, then the price will go up more. And before you know it, like to the moon. And I thought that was kind of laughable. But I really think that’s kind of what’s been happening these last couple of years.” “I don’t think that kind of thinking can last forever. But so far, it’s, you know, led to pretty strong recovery for all these coin prices,” Faux notes. Both former President Donald Trump and Vice President Kamala Harris have talked crypto on the campaign trail ahead of the November election. Faux says, “It’s really wild, especially as someone who covers crypto [and] sometimes it’s kind of hard to cover all of this stuff with a straight face because we’ve seen so many scams, so much fraud.” “People in crypto are even not talking that much about crypto as the future… the excitement is gone, except in DC, where now you’ve got politicians who are basically repeating the industry’s talking points,” Faux says. He notes the politicians have “pitched this idea that there’s a lot of Bitcoin voters and they’re doing this to appeal to Bitcoin voters. I really don’t think there’s a lot of people where crypto is like top of mind, but there’s definitely quite a few really rich crypto guys.”
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