Elon Musk shows why cryptocurrencies’ obsession with meme numbers matters

No one can bring together a bunch of different memes like Elon Musk. Late on Sunday, the Tesla Inc. CEO and internet provocateur tweeted: “Due to inflation 420 has gone up by 69”. There’s a tendency to dismiss a lot of memes — such as the obsession with funny numbers like 420 and 69 — as total nonsense. But there’s more and more evidence that they’re actually starting to matter for institutional traders and investment.

Sam Bankman-Fried’s cryptocurrency-exchange FTX, for instance, recently raised $420 million in funding from 69 investors including serious players like Singapore’s gigantic state investment company Temasek and the Ontario Teachers’ Pension Plan Board. Viewed in the context of internet jokes, Bitcoin’s record high of around $69,000 makes sense.

Former Odd Lots guest and Spectra Markets trader Brent Donnelly has encouraged cryptocurrency traders to embrace the nonsense and factor in the meme world’s love of silly and also big round numbers into their strategy.