The world of cryptocurrency never ceases to surprise, and this time it comes in the form of an eyebrow-raising investment deal involving digital artist Mike “Beeple” Winkelmann, crypto influencer Ben Armstrong, also known as Bitboy, and a token called BEN.
The Ethereum-based token, designed to give people the opportunity to invest in individuals named Ben, launched earlier this month with a near-worthless valuation. Bitboy soon made a deal to pay approximately $430,000 in ETH and stablecoins for a 20% stake in the token, as well as control over its liquidity pool. Critics have been quick to mock the deal as “mind-blowing idiocy,” with some predicting that the token’s price will likely plummet in the long run, as often happens with meme tokens that briefly go viral.
But the saga doesn’t end there. To prove his commitment to the project and dispel any suspicions of a pump-and-dump scheme, Bitboy publicly posted his ETH wallet address and promised not to move any BEN tokens for six months. However, within a week, he was discovered to have dumped all of his BEN tokens. Bitboy has since attempted to justify his actions, claiming it was a “necessary” maneuver to bring BEN to a $500 million market cap.
Beeple, already critical of the deal, took the opportunity to create a graphic image of an excrement-covered Bitboy being defecated on by a Bored Ape, a symbolic reference to the BEN token’s creator, Ben.eth. This sparked an unusual back-and-forth between the two, with Bitboy comparing Beeple to infamous serial killer Jeffrey Dahmer.
Although the BEN token’s market cap currently sits at nearly $27 million, its future remains uncertain, as does the credibility of Bitboy’s investment decisions. Regardless of the outcome, this incident highlights both the unpredictable nature of the crypto market and the skepticism that can arise from unorthodox investment deals. In a constantly evolving world, only time will tell whether investments such as these are genuinely well-intentioned or merely misguided ventures.
As the crypto community continues to grow and evolve, it is crucial for those investing in this space to remain cautious and vigilant. As demonstrated by Bitboy’s controversial move and Beeple’s artistic mockery, there remains a continuous need for due diligence and skepticism when considering investments in unproven tokens and projects. After all, the line between passion and reckless enthusiasm can be remarkably thin in an ever-changing market.
Source: Decrypt
