Fidelity recently asked its X followers to choose a new bill denomination. Two hours later, more than half the answers were cryptocurrencies. It’s another sign of crypto’s ascendance in the global economy. The trillion-dollar multinational finance company wanted to know what new bill denomination their social media followers would come up with: You get to choose a new bill denomination (don’t ask, just roll with it). What are you choosing, and why? — Fidelity Investments (@Fidelity) August 11, 2023 It must have been such Kens replying. Within two hours, more than half the answers were about crypto. ‘$BTC, and #DOGECOIN, and $Sats…’ oh my! BTC and SATS were among the top replies in the resulting tweet thread. Moreover, someone was relegated to the “offensive content” link
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Fidelity recently asked its X followers to choose a new bill denomination. Two hours later, more than half the answers were cryptocurrencies. It’s another sign of crypto’s ascendance in the global economy.
The trillion-dollar multinational finance company wanted to know what new bill denomination their social media followers would come up with:
You get to choose a new bill denomination (don’t ask, just roll with it). What are you choosing, and why?
— Fidelity Investments (@Fidelity) August 11, 2023
It must have been such Kens replying. Within two hours, more than half the answers were about crypto.
‘$BTC, and #DOGECOIN, and $Sats…’ oh my!
BTC and SATS were among the top replies in the resulting tweet thread. Moreover, someone was relegated to the “offensive content” link at the bottom of the mentions for spamming Fidelity’s post with too many Dogecoin replies.
Meanwhile, someone with the display name of Lee answered, “If you’re asking about dollars, it’s zero. That’s ultimately what they’re worth,” and signed the terse missive “#Bitcoin.”
Although there were the Tradfi answers Fidelity probably expected as well as crypto answers – like a $200 bill or $1,000 bill. But most of those answers dogged the Fed for inflation.
It may be telling that the inflationary answers like those examples outnumbered the ones given in 1990s prices like: “$25. A multiple of the $50 bill just makes things easier.”
Although someone with a winky Guy Fawkes mask profile pic did say we’ll need a trillion-dollar bill soon.
$5 trillion.
We’ll need a bill worth more than the $1 trillion platinum coin the Treasury wants to mint.— Joel Jorgensen (@JoelJorgensen) August 11, 2023
But that wasn’t exactly a joke or satire. Some have seriously pitched minting a trillion-dollar U.S. coin. That would, of course, devalue the dollar even more to pay off the national debt.
A ‘Normie’ Pitches Smart Contracts to Fidelity on X
One of the answers to Fidelity’s conversation prompt, a $69-dollar-bill, was very nerdy even for finance discussions. It was most likely a joke about asymptotic functions and simple fractions.
The replier’s display name was set to “Crypto Patriot.” Blockchain investors and engineers encounter this figure frequently as a result of the work they do with basic math and computers all day.
But another funny answer for a new denomination, whether the replier knows it or not, is something that’s actually possible in blockchain with smart contracts: “$12 tip included.”
You get to choose a new bill denomination (don’t ask, just roll with it). What are you choosing, and why?
— Fidelity Investments (@Fidelity) August 11, 2023
Fidelity is currently awaiting regulatory approval for a spot BTC ETF. The company began to roll out its current menu of BTC and ETH brokerage, custody, and trading services in 2018.