A banana duct-taped to a wall sold for $6.2 million. That’s right. Six million dollars for fruit that’ll rot in a week unless you freeze it.
But this wasn’t about the banana; it was about what it represented: absurd wealth, clout, and the audacity to spend on something completely useless. The banana is now in the same league as Bitcoin, a digital currency critics love to call “worthless,” yet is hurtling toward $100,000 in value.
Both are perfect examples of what Thorstein Veblen, a 19th-century sociologist, called “conspicuous consumption.”
Conspicuous consumption isn’t about utility. It’s about spending a ridiculous amount of money to show the world you can. Veblen argued that these goods—now dubbed “Veblen goods”—become more desirable as their price rises.
It’s not about what they do, it’s about how much they cost. The more wasteful and pointless, the better. Luxury cars, designer handbags, and overpriced wine have long ruled this space. But now, Bitcoin and bananas are taking the spotlight.
Bitcoin’s transformation into a status symbol
For years, Bitcoin wasn’t a status symbol. People bought it to get rich, not to flex. The game was simple: buy low, sell high, and find a bigger fool to take it off your hands. That changed the day president Donald Trump won the election when Bitcoin crossed into full-blown Veblen territory.
Trump gave Bitcoin a major boost. He’s considering appointing a “Bitcoin tsar.” His commerce secretary, Howard Lutnick, owns Bitcoin and says it with pride. So does his Vice President J.D. Vance. Owning it shows you’re part of the future — or at least rubbing shoulders with those who are.
Then there’s Elon Musk, Tesla’s CEO and perpetual crypto hype man. Musk now leads a government initiative hilariously named after Dogecoin, the meme token that started as a joke. Forget polo or fine art collections.
The new elite flexes with Bitcoin and Dogecoin. Elon has made Bitcoin ownership feel like an invite to his exclusive tech-billionaire club.
The $6.2 million banana and the art of absurd spending
Enter Justin Sun, founder of TRON. Justin just dropped $6.2 million on a piece of art called “Comedian.” The artwork? A certificate that lets him duct-tape a banana to a wall. That’s it. The banana itself doesn’t even matter. It’ll rot.
What Justin bought was, essentially, the right to say, “I spent millions on this because I can.” He called it a “unique artistic experience.” Veblen would’ve rolled his eyes but also taken notes.
Let’s be real. Spending big on something utterly useless screams status louder than a garage full of Lamborghinis. And it ties back to Bitcoin, which operates on the same principle: spend absurd amounts on something intangible, and people will notice.
Old luxury brands are losing their grip
Luxury fashion houses like Gucci and Louis Vuitton are struggling. Their shiny handbags and expensive clothes don’t have the same appeal anymore. Data shows a decline in demand for these old-world luxuries.
The problem? They’re not exclusive enough. Anyone with enough cash can buy a Louis Vuitton bag, but not everyone can tape a banana to a wall for $6.2 million—or hodl Bitcoin while it rockets to $100,000.
Veblen goods don’t follow the rules of regular economics. For most products, higher prices scare away buyers. But Veblen goods thrive on higher prices. The more expensive, the more desirable. Bitcoin is a textbook example.
It started as a fringe idea—a currency for tech nerds. But as its price climbed, so did its status. Owning Bitcoin now means you’re part of an exclusive club, a financial elite.
No one cares about your Hermès Birkin bag when they’re busy trading crypto or buying NFTs. The next generation of luxury isn’t about physical objects. It’s about digital assets and absurd experiences. Brands that can’t adapt will be left behind.
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Source: https://www.cryptopolitan.com/bananas-bitcoin-and-the-rise-of-useless-luxury-thats-all-about-the-price-tag/