| I had to use Google to remember who the commencement speaker was at my own graduation from THE Ohio State University. (Answer: It was none other than Anthony Fauci, during his pre-Covid days.) However, this year's speech at my alma mater made the moment truly memorable for the class of 2024 — although not in the way intended. "I see Bitcoin as a very misunderstood asset class," self-described "social entrepreneur" Chris Pan told the crowd at Ohio Stadium. He took a long pause as students started booing him, then he kept going. "It's decentralized and finite, which means no government can print more at will. In the early days, the exchanges for Bitcoin were prone to hacks and fraud," he said. "But the issue has been resolved with the recent launch of the Bitcoin ETFs backed by two of the world's largest asset managers, BlackRock and Fidelity. So anyone could hold these ETFs in your retirement account." Ask any reasonable crypto fan and even they will admit that that the speech was as cringeworthy as it gets. It's one thing to talk up Bitcoin within your circle of crypto friends. It's another thing to promote it in front of thousands of people who were celebrating a special moment. The reaction from the crowd revealed a disconnect between crypto aficionados and the rest of the world. For years, crypto advocates have touted that the asset class, led by Bitcoin, is especially popular among the digital-native Gen Z. Yet the harsh reality is that with all the industry blowups, crypto's having a harder time convincing one of its target audiences, contrasting the great comeback story it just celebrated.
For his part, Pan said his speech was misunderstood and he did not intend to promote Bitcoin, since he only started learning about the original cryptocurrency three months ago. "I think that's a huge misperception because people think I've been in it for 10 years, and I only really got in when ETFs came out," Pan said in an interview. "I probably should have put that in my speech so that people could relate to it better," he said. "The moment I said the word 'Bitcoin' people got triggered. And then the rest of what I said just kind of didn't really land. And that's something that's a learning for me." Still, crypto fans should thank Pan for the commencement speech anyway, if they believe the old axiom that there's no such thing as bad publicity -- especially as the industry enters the summer doldrums with few things to get excited about. For months, the euphoric rise in cryptocurrencies appeared unstoppable, fueled by new narratives, especially the introduction of Bitcoin ETFs. A complicated crypto project with layered risks was attracting billions of dollars; a tokenized hedge fund strategy became an instant hit; traders amassed billions in airline-esque loyalty points without knowing what they were meant for; and of course, memecoins. But then all of a sudden, the momentum vanished.
All the crypto narratives are "completely dead," said Ayesha Kiani, chief operating officer at crypto hedge fund MNNC Group. The time is running out for an industry that has promised in every bull market that this time will be different. As the dust settles on the narratives that once dazzled the industry and pushed numbers up, crypto needs to answer an important question: Where will the next million new users come from? Because if that doesn't happen, the next person who speaks about Bitcoin at a commencement will perhaps get more than just a boo. | 
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