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From Ordinary to Crypto Millionaire: The Sociology of Digital Wealth
Episode 358
What happens when regular people strike it rich in crypto?
BFRR dives into one of the most unconventional crypto books of the year: A Thousand Times as Much Money as Now (German: Tausendmal so viel Geld wie jetzt). Co-host Michael Blaschke sits down with author and sociologist Juan Guse to explore why he chose a sociological—and partly literary—lens to study crypto wealth, and what that reveals about the people behind the portfolios.
Instead of profiling headline-grabbing founders, Juan spent years interviewing under-the-radar retail investors who started with small stakes and, in some cases, ended up with life-changing money. Drawing on interviews and ethnographic notes, he condenses recurring patterns into four fictionalized archetypes—composites that protect anonymity while surfacing the truths of the data.
We unpack:
- Why now: Research spanning the 2021 bull run into the bear market, capturing whiplash—from “number go up” euphoria to painful drawdowns and tax hangovers.
- How he found them: Quiet “sleepers,” discovered via Reddit trails and snowball intros—not the flashy Dubai set.
- Psychology of sudden wealth: Survivor bias vs. luck, risk appetite, the crisis that follows “you can do anything,” and the strain of watching charts daily.
- Archetypes & ideology: From libertarian reformers and techno-optimists to community believers and pop-financial emancipation—why one “maxi” label isn’t enough.
- Institutions, meet retail: What banks and asset managers miss when they treat “retail” as one blob. We discuss typologies, narratives, custody trust gaps, and why licenses, audits, and UX must map to values, not just returns.
- Cautionary notes: The difference between realizing gains and paper wealth; how conviction can block diversification—and how some fortunes vanished.
Whether you’re an allocator, policy maker, or curious listener, this episode reframes crypto as a social phenomenon—a movement of stories, status, and searching for purpose—not just a spreadsheet of tokens.
Subscribe to Bitcoin, Fiat & Rock’n’Roll, find the book link and show notes on our site, and join the discussion on YouTube, LinkedIn, and our DE/EN Telegram community. BFRR: Europe’s perspective on digital money, every week.
Book “Tausendmal so viel Geld wie jetzt” Author Juan S. Guse Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel
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Published on 1 week ago