What happened in January 2021 was not simply a rebellion against Wall Street—it was something else. Call it the rise of meme finance.
launched a cryptocurrency exchange
Keep scratching, and you’ll get to the very essence of what meme finance is about: an indictment of traditional expertise in all its manifestation, a shunning of received knowledge, a rejection of anything perceived as mainstream—and therefore corrupt. It is the same antiestablishment sentiment that has worried mainstream politicians for quite some time now, and which in its more extreme versions has descended into conspiracist and “do your own research” thinking.
It is paradoxical that this seemingly antiestablishment movement ended up choosing multibillionaire Elon Musk as its figurehead, but it is also fitting. Beyond his immense wealth, Musk’s claim to fame is his ability to send rockets into orbit, a kind of “hard expertise” meme financers would contrast with the hollow credentialism of hedge funders and government bureaucrats. He hobnobs with self-styled anti-elite figures like his former business partner Peter Thiel and podcaster Joe Rogan.
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