Why is bitcoin called corn? The term “corn” has been used to describe bitcoin in bitcoin memes and culture. Shilling the corn or not short the corn are two phrases you may be familiar with. A corn emoji may also appear in some social network profile photographs. By “corn,” we simply mean “bitcoin” in this context.

Is the joke really that Bit-coin sounds like Bit-corn?

In a way, that’s true. At this point, the joke is 90% complete. Corn sounds like a currency, and it’s a great joke to send around among bitcoin users. The genesis of the joke isn’t all that intriguing, but it doesn’t diminish its appeal. It’s addictive!

How bit-corn got its start

It was by chance that the term “bit-corn” first appeared in the bitcoin community, as is true of most great memes. Professor Mark T. Williams of Boston University spoke in 2014 at a public hearing for small businesses to discuss the risks and benefits of Bitcoin. He focused on what he perceived to be the “risks” associated with bitcoin, namely that it’s too volatile, that ownership is too concentrated, and that there are too few.

The first two reasons are well-known FUD, and I’m not sure I get how scarcity fueling demand is a negative, but you can watch the video below to see his entire presentation in context. If you watch the video by paying attention, you’ll hear him say “bit-corn” instead of “bitcoin.”

The bitcorn meme was birthed as a result of this insignificant error. From that moment forward, Mr. Williams was referred to as Professor Bitcorn. The Professor Bitcorn meme has faded into obscurity, but the corn meme has remained and is now a permanent part of the bitcoin language.

I’m not sure how bitcoin users saw this and memed on it in 2014, but I imagine there wasn’t much Bitcoin information available at the time.

The price prediction of Professor bitcorn

It is fascinating to look at historical Bitcoin FUD and memes, such as the Business Insider piece titled: Bitcoin Will Crash To $10 By Mid-2014 by Mr. Williams in 2013. This isn’t true, but bitcoin crashed all the way to $69,000 in 2021 despite that crash never occurring.

An estimate of $40,000 for the value of a bitcoin in 2013 was thought to be irrational. In 2022, $40k bitcoin would be considered a trough.

Saying that the price of a bitcoin is “too high” annoys me because of this. People predicted in 2009 that bitcoin would never reach a buck. And when people started saying this in 2011, they said it would never get to $1,000 again. Then, in 2013, they claimed that it would never rise above $10,000. People now consider bitcoin price estimates of $100,000 or $1,000,000 to be ludicrous. In my opinion, the price of bitcoin can rise to any level with time. As there is no bottom to fiat, there is no top to bitcoin.

Why is bitcoin called corn?

Only 1% of the world’s population already owns bitcoin, but if it isn’t already recognized as such, it has a good chance of becoming the world’s first worldwide digital currency. Are you saying that more people will not be interested in holding bitcoin as the infrastructure is built out and more convenient for consumers to use and store it? It’s simply so unbelievable to me.

Regardless of what you believe about the future value of bitcoin, it’s evident that experts in traditional finance are just as incorrect as the moonboys.