Crypto Meme History: Bobo the Bear

Shorting (or betting against) Bitcoin in 2018 has become the standard; the new paradigm. Newbies once flooded crypto exchanges like Bitmex to click the big green box and go long.

These days it’s the opposite. We’re in bear country. And with the bulls losing control for the first time in years it begs the question; who’s in charge? Well, the answer is simple. Bobo the Bear. The Bear Market Bear.

In trading language, bulls are optimistic buyers pushing the market higher. Bears are the opposite: pessimistic sellers sending the market downwards.

More of a mascot than a market manipulator, Bobo is symbolic of the short. Bobo has become the trademark of conceited shorters reveling in their own correctness. From Twitter to Reddit to Facebook, Bobo has taken hold. With a smug disposition, a glass of champagne, and a tux, this anthropomorphic bear has become a crypto icon.

bobobear
The original Bobo meme

Bobo first began showing up on 4chan board /biz/ in early 2018 sometime around February. He began as most good memes do. A nameless play on words with the level of cuteness only an MSPaint drawing can achieve. Just a bear anonymously posted when the cryptocurrency markets took a downturn and shorters finally had their turn to play ‘economic oracle.’ As the market continued downward Bobo soon became /biz/’s ‘hard fork’ of Pepe the Frog.

Named in April of 2018 by the /biz/ community, in a thread looking to name the nameless iconic bear, a participant “rolled dubs,” meaning to post with an I.D. that ends with two of the same number, and Bobo the Bear Market Bear was born. Although Bobo supposedly means “idiot” in one language, the name was likely inspired by a muppet character. The rest is internet history.

“In this thread dubs decide the name of the bear market bear.”

 

The Winner!

What began as a smug, champagne-drinking bear inspired memes worldwide and original Bobo content began flooding crypto-culture. As shorters took control, he exploded. Soon, the tux dropped and Bobo found himself in a red t-shirt sitting in front of a screen displaying a market dump. In other instances, he’s a Bitmex commando holding the line against the bulls. He’s even got some cool sunglasses now. His conceit knowing no bounds.

Bobo shorting the market.
Commando Bobo.

Everybody needs a mascot, even bears. It’s no surprise that Bobo’s been a good fit. Bears are cynics, naysayers, and doubters. A sentiment Bobo’s stare imbues in an instant. A sort of ‘told ya so’ look that annoys even the most bullish among us. But what goes up must come down. Let them enjoy themselves and post their Bobos, for the time being.

Carty Sewill

Carty is a graphic designer and cryptocurrency enthusiast based out California. He enjoys sci-fi, Seinfeld, and philosophy. See his work at his website

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