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How Four Germans Became Crypto Millionaires: Insights from Juan S. Guse’s Field Study
Author and sociologist Juan S. Guse has published a field study in his new book "Tausendmal so viel Geld wie jetzt," portraying four German men who became wealthy through cryptocurrencies. One of the protagonists, Basti, transitioned from being a hemp dealer to a crypto investor after realizing the legal risks of his previous occupation. With €20,000 in hand, Basti began investing in Bitcoin and Ethereum, initially without understanding blockchain technology. During the pandemic, he delved deeper into the crypto world, discovering the lucrative potential of airdrops—early investments in new cryptocurrencies that rewarded him with tokens, some of which soon became worth tens of thousands of euros.
Basti’s story is not unique among Guse’s subjects. The book also features an engineer named Arne, a tent seller named Malte, and a language teacher named Sebastian. All four managed to amass significant wealth, with Basti’s portfolio peaking at €20 million. Despite their financial success, these men remain critical of the traditional financial system, echoing sentiments similar to those of Noam Chomsky. They argue that if wage labor were sufficient for a good life, there would be no need for Bitcoin. Instead, they see themselves as "dribbling" capitalism.
"Krypto ist immer an," says Basti, highlighting the constant, sometimes overwhelming, nature of the crypto market.
Guse’s narrative style is marked by irony and curiosity, providing readers with an accessible look into the complex world of crypto enthusiasts. The book also references Ijoma Mangold’s "Die orange Pille," which explores the almost religious devotion some have for Bitcoin, comparing its introduction to the immaculate conception and its potential future dominance to the Book of Revelation. Mangold’s work underscores the faith-based aspect of Bitcoin, noting that its value is ultimately a matter of collective belief.
| Book Title | Pages | Price |
|---|---|---|
| Tausendmal so viel Geld wie jetzt | 192 | 35 Fr. |
| Die orange Pille | 256 | 22 Fr. |
- Basti’s crypto fortune peaked at €20 million.
- Bitcoin was worth around 90,000 Swiss francs as of last Friday.
- Guse’s book offers a nuanced, critical look at the lives and philosophies of crypto millionaires.
Summary: Juan S. Guse’s book provides a detailed, critical, and sometimes humorous exploration of how four Germans became crypto millionaires, their skepticism of traditional finance, and the almost cult-like devotion to Bitcoin. (Source: Neue Zürcher Zeitung)
Michigan’s Bold Crypto Legislation and the Best Cryptocurrencies to Buy Now
On May 21, Michigan lawmakers introduced four significant cryptocurrency bills, signaling a new era in state crypto policy. The proposed legislation covers a wide range of topics: allowing public pension funds to invest in digital assets, banning state-supported central bank digital currencies (CBDCs), permitting Bitcoin mining at decommissioned energy sites, and revising tax rules for mining income.
House Bill 4510, introduced by Republican Bill Schuette, would amend the Public Employee Retirement System Investment Act to allow the state treasurer to invest in cryptocurrencies with an average market capitalization of over $250 billion in the past year. Currently, only Bitcoin and Ether meet this criterion, and all investments must be made through exchange-traded products issued by registered investment firms. Another bill, HB 4511, led by Bryan Posthumus, would prohibit the state from banning cryptocurrencies, requiring licenses for holders, or promoting a federal CBDC. HB 4512, supported by Mike McFall and a bipartisan team, would establish a Bitcoin mining program at decommissioned oil and gas sites, requiring operators to demonstrate mining capabilities and provide legal and structural documentation. HB 4513 aims to update income tax rules to include profits from this mining program.
| Bill | Main Focus |
|---|---|
| HB 4510 | Pension fund investments in cryptocurrencies with >$250B market cap |
| HB 4511 | Ban on state support for CBDCs and crypto bans |
| HB 4512 | Bitcoin mining at decommissioned energy sites |
| HB 4513 | Taxation of mining profits |
These legislative efforts highlight the importance of choosing cryptocurrencies that align with evolving regulatory frameworks and real-world utility. The article from Cryptodnes.bg identifies several promising projects:
- SUBBD: A crypto subscription platform for content creators, leveraging AI to automate tasks and scale production. SUBBD has a following of 118,000 on X and aims to revolutionize the $85 billion content creator industry.
- Solaxy: The first project to bring Layer-2 technology to Solana, aiming to improve transaction efficiency. Solaxy has surpassed $39 million in its presale, with 30% of tokens allocated for infrastructure maintenance and improvement.
- Best Wallet Token: A robust crypto storage solution with its own native token, offering security, trading rewards, and governance features. The wallet app is already live for Android and iOS.
- Solana: Known for its speed and low costs, Solana is hosting the "Solana Accelerate" event in New York City to support early-stage projects. The network has introduced "Alpenglow," a next-generation consensus solution, along with "Votor" and "Rotor" components to enhance stability and data distribution.
The article also notes that Bitcoin reached a new all-time high of $111,800, with the total cryptocurrency market capitalization at $3.64 trillion, a 36% increase over the previous year. Spot BTC ETFs saw record inflows of $934 million in a single day.
| Cryptocurrency | Recent Milestone |
|---|---|
| Bitcoin | $111,800 all-time high |
| Total Market Cap | $3.64 trillion (+36% YoY) |
| Spot BTC ETF Inflows | $934 million (record) |
| Solaxy Presale | $39 million+ |
The introduction of these four crypto bills in Michigan underscores the transition of cryptocurrencies from a niche interest to a mainstream political issue. Lawmakers are testing how traditional institutions can adapt to decentralized innovation, and these decisions will influence broader debates at the intersection of technology and governance.
- Michigan’s new bills could allow pension funds to invest in Bitcoin and Ether.
- Bitcoin mining may be permitted at decommissioned energy sites.
- Bitcoin reached $111,800, and the crypto market cap is $3.64 trillion.
- Solaxy and SUBBD are highlighted as innovative projects to watch.
Summary: Michigan’s legislative push for crypto-friendly policies could reshape the investment landscape, with Bitcoin, Ether, and innovative projects like Solaxy and SUBBD positioned to benefit. Investors are advised to monitor regulatory trends and align their portfolios accordingly. (Source: Cryptodnes.bg)
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