"This Is Good For Bitcoin" — Dinosaurs running from a fiery asteroid impact with caption 'THIS IS GOOD FOR BITCOIN!!! AARGH!!!!'

"This Is Good For Bitcoin"

2012catchphraseclassic

Published October 3, 2026

"This Is Good For Bitcoin" is a sarcastic catchphrase crypto skeptics and traders use to shrug off any news that should obviously tank Bitcoin's price, from exchange collapses to regulatory crackdowns. The phrase first appeared on r/Bitcoin in March 2012 and became one of the defining in-jokes of crypto Twitter during the 2014 Mt. Gox meltdown.

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Overview

"This Is Good For Bitcoin" is a catchphrase slapped onto any piece of news that logically should hurt Bitcoin's price or reputation. The joke flips the straight-faced optimism of early crypto boosters into a punchline: exchange hacks, government bans, scam collapses and even unrelated disasters all get the same deadpan verdict1.

The format is almost always text-only, a tweet, Reddit title or image caption pointing at obviously bad news. Over time it drifted away from Bitcoin specifically and became a general sarcastic reaction to catastrophe, with the "bitcoin" part treated as the absurd twist2. An October 2017 Imgflip image, for example, paired a 3D render of the asteroid that killed the dinosaurs with the caption, racking up over 4,100 views in two months3.

The phrase is especially tied to crypto-skeptic circles like the long-running @buttcoin account, which weaponized it against bagholders during the 2014 Mt. Gox exchange collapse4. That sarcastic edge is what distinguishes it from genuine Bitcoin boosterism; the funnier the bad news, the better it is for Bitcoin.

Origin & Background

Platform
Reddit (r/Bitcoin) / Twitter (viral spread)
Creator
Julian702
Date
2012

The earliest documented use of the phrase online came from Redditor Julian702, who posted it in the r/Bitcoin subreddit on March 30th, 20121. It almost certainly circulated in crypto chatter before then, but no earlier instance has been archived1.

The sarcastic reading of the phrase was formalized by Redditor cointiki in a July 8th, 2014 r/OutOfTheLoop thread asking where it came from, explaining that Bitcoin advocates kept insisting every piece of bad news was secretly bullish5. By then the Mt. Gox exchange had imploded, giving the joke years of material to feed on.

How It Spread

The catchphrase crossed over from r/Bitcoin to the wider internet during the 2014 Mt. Gox meltdown. On February 25th, 2014, the @buttcoin account on Twitter posted a parody Magic: The Gathering card with the Mt. Gox logo photoshopped on, captioned "This is good for Bitcoin because"4. That tweet is one of the earliest viral uses outside the subreddit and set the sardonic tone that stuck.

The phrase soon became shorthand for all crypto cope. In January 2015, an anonymous Quora user listed "This is good for Bitcoin" as a stock libertarian saying in a thread about things libertarians say2. A May 2nd, 2016 r/SubredditDrama post by Enibas rounded up a batch of grim Bitcoin headlines under the title "This is good for Bitcoin" and pulled in more than 865 points at 93% upvoted with over 250 comments6.

By late 2017, as Bitcoin's price raced toward its first mainstream peak, the phrase was fully detached from any specific scandal. The October 2017 Imgflip dinosaur extinction image is one example of the format being applied to events that have nothing to do with crypto at all3. The expression stuck around through later crashes, from the 2018 bear market to the 2022 FTX collapse, as a standard sarcastic reaction1.

Timeline

2012-03-30

Redditor Julian702 posts the earliest known online use of the phrase in r/Bitcoin.

2014-02-25

@buttcoin tweets a parody Magic: The Gathering card featuring Mt. Gox, captioned "This is good for Bitcoin because."

2014-07-08

Redditor arminius_saw asks about the phrase's origin in r/OutOfTheLoop, and cointiki explains the sarcastic usage.

2015-01-17

An anonymous Quora user lists the phrase in a thread about things libertarians say.

2016-05-02

Redditor Enibas's r/SubredditDrama roundup of bad Bitcoin news under the title "This is good for Bitcoin" hits over 865 points.

2017-10

An Imgflip user captions a 3D render of the dinosaur extinction with the phrase, pulling in 4,100+ views within two months.

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Frequently Asked Questions