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Imagine being in an industry where a yellow piece of paper is one of your most iconic symbols.
Well, that’s Bitcoin, and today’s legend is none other than Christian Langalis, better known as Bitcoin Sign Guy.
Langalis is the young man in a suit who held up a sign that read “Buy ₿itcoin” while Janet Yellen, then-Chair of the Federal Reserve, stood her ground in front of Congress in 2017.
Today’s story is about much more than just his viral moment, however.
Before he became a meme, Christian was just another 25-year-old working at a global macro fund.
But he wasn’t your typical Wall Street junior analyst. He was the “young Bitcoin kid.” A man that nobody took seriously when he talked about cryptocurrency.
For Langalis, being dismissed had an unexpected effect. Instead of discouraging him, it opened his eyes to something crucial: The markets weren’t what they seemed.
They were, in his view, artificial constructs propped up by central bank policies. So he did what any self-respecting skeptic would do. He started buying bitcoin.
And like many bitcoiners before and after him, Christian didn’t just buy bitcoin; he wanted to understand the system he was rebelling against. What do you do when you realize the world is only serving the interest of the few? You dive into alternative economics.
Nowadays, Keynesians rule the world, at the behest of the late John Maynard Keynes.
But others are becoming favorites again, with Schumpeter, Rothbard and Mises staging a comeback. These authors had a deep effect on Langalis, and they pushed him into the Cato Institute, a world-renowned libertarian think tank.
Under the guidance of George Selgin, one of the world’s utmost authorities on money, Christian began developing his own economic thesis on Bitcoin. But he wasn’t content just to profit from bitcoin — he wanted to understand its potential to reshape the financial world.
Stage set
Then came July 2017.
Christian was asked to attend the annual Federal Reserve report to Congress. As Janet Yellen droned on about monetary policy, a bored Christian had an idea. He grabbed his notepad and wrote two simple words: “Buy ₿itcoin.”
The price was $2,300 at the time, and bitcoin was in the midst of an epic run that would eventually take it to $20,000. Christian figured he’d flash the sign and maybe grab a screenshot later. For the LOLs. He had no idea he was about to create a moment that would define Bitcoin culture.
With the price now ~$93,200 per coin, everyone who listened is up almost 4,000%.
Within seconds, security descended. Christian was escorted out of the hearing. You can actually see him being removed on the livestream. But by then, it was too late.
We can safely call it the Bitcoin photobomb seen around the world.
Aftermath
The Bitcoin community’s response was immediate and overwhelming.
Christian received over 7 BTC ($16,100 then, $650,000 now) in donations from supporters who appreciated his bold statement. Overnight, he had become an icon.
Instead of getting drunk with fame, Christian’s conviction only deepened — luckily! He later revealed he was holding 99% of his net worth in bitcoin, and declared he “won’t be converting it back into US dollars.”
Did someone say skin in the game?
In the years following his famous stunt, Christian has used his newfound celebrity for good.
He’s appeared at numerous events, always in his trademark suit and tie, raising money for organizations like Coin Center, a non-profit that helps defend Bitcoin’s interests in Washington DC. Years later, he called it a “new financial substrate” and predicted that one BTC will eventually be worth over $1 million.
But Langalis isn’t like most of you talking heads. He’s also building. Christian has founded a new Lightning startup that’s currently in stealth mode, working to advance the Bitcoin economy he believes in.
In a fitting twist of fate, Christian recently auctioned off the original “Buy ₿itcoin” sign for over $1 million. The piece of paper that once photobombed the Federal Reserve Chair had become a piece of Bitcoin history.
The Legacy
Christian Langalis’s story is more than just a tale of a viral moment.
It’s about having the courage to challenge the status quo, even when nobody takes you seriously, in the status quo’s arena. It’s about understanding that sometimes, the simplest actions can have the biggest impact.
All things that made him CoinDesk’s Most Influential person in Bitcoin in 2017.
For those who bought bitcoin when Christian held up his sign, the returns have been spectacular. But perhaps the real value of his gesture wasn’t in the investment advice, but in the message it sent: that Bitcoin represents a peaceful revolution against the traditional financial system.
Have a great weekend, And remember, sometimes the best investment advice comes on a piece of paper held up behind a Fed chair.
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