Bitcoin Magazine
Relics of a Revolution, Part IV: The Bank Was Already Burning
Revolutions leave behind artifacts. In the summer of 2011, a painter named Alex Schaefer set up an easel on a sidewalk in Van Nuys, California, and began painting the Chase Bank branch across the street. In his mind, the building was on fire — flames pouring from the windows, black smoke rising over the palm trees, the Chase logo still legible through the heat. He worked en plein air, the way the Impressionists had worked the Seine and the hay fields, except the subject was a branch of the largest bank in America three years after it had been bailed out with public money. A passerby called the police. When the artwork sold on eBay for $25,200 to a German collector, Schaefer did the only logical thing and painted more.
The artworks gathered in Relics of a Revolution at Bitcoin 2026 trace a lineage of dissent that connects street-level protest to the birth of Bitcoin itself — a Tokyo sidewalk in the snow with Kolin Burges, a Los Angeles overpass under wheat paste with Mear One, a botched police raid in Ohio answered with songs and a flag suit with Afroman. Schaefer’s Banks on Fire paintings belong to that same lineage, and they arrive with an art-historical pedigree that sharpens the point. Art critics have drawn the obvious line to Ed Ruscha’s Los Angeles County Museum on Fire (1965–68), the painting that put a cultural institution up in flames and hung it back on the museum’s own wall. Schaefer swapped the museum for the bank, the oil-crisis era for the bailout era, and took the painting out of the studio and onto the sidewalk in front of the building itself — a fact that earned him questioning by LAPD officers who wanted to know if he was a terrorist planning to follow through on his canvases. “Some might say the banks are the terrorists,” he told them. In July 2012 he was arrested outside a downtown Chase branch for chalking the word “Crooks” next to the logo, and spent twelve hours in jail on a misdemeanor vandalism charge.
Born in Los Angeles in 1969 and trained at ArtCenter College of Design in Pasadena, Schaefer spent eight years as a digital artist — including on the original Spyro the Dragon trilogy — before leaving the screen for the easel and returning to ArtCenter to teach the fundamentals of painting, drawing, and composition. Like Mear One, he spent years working out of downtown Los Angeles, a neighborhood that functioned as ground zero for a decade of American unrest — Occupy LA camped on the lawn of City Hall a few blocks from his studio, the 2012 chalk protests that swept across the country had one of their flashpoints outside a downtown Chase branch, and the area around 5th and San Julian stayed a visible stress test of every system the bailouts were supposed to have fixed.
The Banks on Fire series began in 2009, in the immediate wake of the financial collapse itself. “All the problems in America,” he has sa
