# Bitcoin's Lost Boys > At a Las Vegas crypto convention, economically desperate men found hope in a currency that mirrors their distrust of institutions. - Title: Bitcoin's Lost Boys · Slate Magazine | Shortify - Summary: At a Las Vegas crypto convention, economically desperate men found hope in a currency that mirrors their distrust of institutions. Bitcoin appeals most to… - Keywords: bitcoin, cryptocurrency, las vegas convention, economic anxiety, financial distrust, michael saylor, strategy inc, fiat currency, inflation fears, self-sovereignty, wealth inequality, institutional distrust - Source: Slate Magazine — https://slate.com/business/2026/09/bitcoin-cryptocurrency-masculinity-economy-emotional-tether.html?via=rss - Author: Nathaniel Moore - Published: 2026-09-20T09:40:00+00:00 - Read time: 3 min - Topics: bitcoin, cryptocurrency, las vegas convention, economic anxiety, financial distrust, michael saylor, strategy inc, fiat currency, inflation fears, self-sovereignty, wealth inequality, institutional distrust ## Hope in a surreal place A Bitcoin convention at the Venetian Resort in Las Vegas drew thousands of men in fluorescent orange, seeking hope in a currency that had lost nearly half its value in the previous year. ## Bears not welcome The convention banned firearms, cigarettes, outside food, and bears, crypto slang for pessimists who think Bitcoin's price will fall. ## Volatility by design Bitcoin has no intrinsic value and its price swings wildly because ownership is concentrated in large holders called whales, whose buy and sell orders can drive sharp changes. ## Economic pain as catalyst Men at the convention described feeling financially squeezed by the economy, with one attendee comparing it to Disney World's mouse picking you up by the ankles and shaking out every nickel. > If you go to Disney World, the mouse smiles at you while picking you up by the ankles, holding you upside down, and shaking out every nickel. ## Lonnie's late arrival A 54-year-old insurance worker from Tampa had struggled through poverty, a failed Amway investment, an 18-hour workday grind, and homelessness before finally buying Bitcoin in 2025. > Because the financial system is in shambles and I can't trust my banker anymore, I felt I needed to evolve. ## Distrust of institutions Convention attendees had lost faith in bankers and central banks, viewing Bitcoin as an alternative because it operates on a decentralized blockchain rather than being issued by governments. ## Orange pilling the desperate The crypto community calls conversion to Bitcoin "orange pilling," and experts acknowledged it works best when someone is feeling low and in pain. > For most people, pain is going to be the thing that brings them to Bitcoin. ## Fiat currency's fragility Bitcoin enthusiasts distrust fiat currencies like the dollar, which are backed only by government assertion and public confidence, making savings vulnerable to central bank decisions. ## Venezuela's warning An activist handed out worthless Venezuelan banknotes as proof that hyperinflation is a real threat, after the country's inflation rate exceeded ten million percent. ## Betrayal by the powerful Even wealthy attendees like former NBA player Tristan Thompson felt betrayed when they learned that institutions buying Bitcoin for themselves had told them it was too risky. > With traditional finance, you have to trust a complete stranger not to screw you over, but with Bitcoin we can take back our financial freedom. ## Self-sovereignty as escape Bitcoin enthusiasts call the concept of not trusting anyone else "self-sovereignty," signaling how completely people have lost faith in American institutions. ## Plan B passports Companies at the convention sold citizenship in other countries to wealthy Bitcoiners seeking to diversify their passport portfolios and escape America. ## Zimbabwe's cautionary tale Pastor Evan Mawarire described Zimbabwe's hyperinflation where prices doubled daily and his parents' eighty-thousand-dollar retirement savings became worth twenty-five cents in one week. ## Mawarire's counterpoint The Zimbabwean activist told Americans that their economy still works if you put in the work, and that backing away from problems is as bad as the problems themselves. > To hear Americans talk about not being able to achieve their dreams, it's confusing for me. Everyone wants to come and participate in this economy because if you put in the work, you get the result. ## Bitcoin for the oppressed Activists highlighted how Bitcoin could help women under oppressive regimes and people in countries where citizens are forced to use worthless local currencies. ## Saylor's infinite money machine Michael Saylor, a billionaire with a history of fraud settlements, commanded the convention's biggest following by selling Stretch securities that promise eleven percent yields backed by Bitcoin holdings. ## Selling overpriced Bitcoin exposure Saylor's scheme works by selling four dollars worth of Bitcoin exposure for five dollars, then using the extra money to buy more Bitcoin and drive up its price. ## Passive income promise Saylor pitched Stretch as a crypto reactor offering passive fixed income of ten or eleven percent every two weeks, requiring no risk or worry from investors. > You guys get paid every two weeks by your employer, so why shouldn't your assets pay you every two weeks? ## Faith in the con artist Saylor's real asset was not Bitcoin but the faith of desperate men who had been betrayed by institutions and wanted to believe someone finally had the answers. ## The emptiness of hoarding While convention attendees pursued individual wealth, they were opting out of collective solutions, leaving behind everyone too poor or cautious to stockpile Bitcoin. > What people who hoard will finally realize is there's an emptiness that comes where a sense of purpose should go. ## Key takeaway Bitcoin appeals most to people in pain who have lost faith in traditional systems, but the real wealth flows to those already at the top.