In the history of investment/assets, Bitcoin is proving to be the most ridiculous.
I own some Bitcoin, I got involved early. People either love me or hate me for this somewhat crazy technological choice. They write misinformed articles about my belief in the future of money, while simultaneously closing their minds to new ideas. My only goal in life is to make people think. Getting people to agree with my point of view is the stuff of mind control.
Although the increase in value is nice for those of us who were one of the first to adopt Bitcoin, it completely misses the point.
Bitcoin could drop to $100. I don’t think it will, but the price could go crazy. It feels like Bitcoin is infecting the Earth faster than any pandemic. It is not an investment. It is not a get-rich-quick scheme either.
Bitcoin is a different way of thinking.
Eventually, Bitcoin adoption will change society’s foundation. Societies are built on centralization. Governments create society. Races and borders limit society. Bitcoin has no borders. Bitcoin has no office.
You can’t complain to Bitcoin.
Bitcoin’s billionaire owner cannot shut you down. We do not know who created Bitcoin – it could be Wonder Woman. It’s up to you whether or not to investigate Bitcoin. You are free to purchase Bitcoin. You can use Bitcoin to transact.
It is easy for people to get caught up in the hype cycle of Bitcoin, or to be angry because they didn’t buy Bitcoin, and so they feel like they must throw stones at anyone who did.
This is the point that is missed: Bitcoin doesn’t care. Bitcoin doesn’t care about your emotions. Bitcoin doesn’t care if you got rich.
Bitcoin will eventually be used by all of us, just like the internet. Bitcoin is a monetary information system built on the esoteric technology platform called blockchain. Eventually, blockchain will be the honesty that moves a widget from point A to point B in both the physical and virtual worlds.
Bitcoin is the democratization and fragmentation of everything.
Almost every day, Twitter users discuss the idea. Traditional news is being replaced by it. Audiences are talking about it. Social media is pushing content that discusses it. Online communities have at least one ongoing discussion about it.
Bitcoin was always inevitable.
Including people in a financial system was never going to be sustainable in the long run. We live in a monetary circus, and there’s a wake-up call for the people. Bitcoin is gaining popularity because people are looking for change.
It is possible that Bitcoin is not the end product.
Pets dot com used to be a classic website for the punk kids. They got wiped out even though they were one of the first internet companies. Many other early tech giants got wiped out, too. The same could happen to Bitcoin.
Bitcoin is the beginning of the internet’s evolution. It may not be the final state. Despite this, it seems unlikely a competitor will challenge Bitcoin and its one purpose of storing any person’s built-up value (digital gold). Bitcoin competitors would likely be silenced before they could get up and dance.
Bitcoin is an accident.
Governments did not pay any attention to it because it sneaked in through the back door. There was a perfect opportunity to ban Bitcoin in 2017. The event did not take place. Since Bitcoin has grown so big, and companies like Tesla (with powerful CEOs) own it, it’s nearly impossible to ban it without causing protests worldwide. If Bitcoin was tampered with, the internet would revolt.
That’s the optimist’s viewpoint. It is still possible that Bitcoin will become a horse and cart. There may be a better technology in the future. Bitcoin could be viewed as the 56K modem of the first internet iteration. Ethereum may become the high-speed broadband competitor that swallows Bitcoin. I don’t think so, because both have their place in the future.
Bitcoin works as it does because it’s so ridiculously simple. There is only one use for it. The speed is irrelevant. Even someone who has never turned on a computer can understand what Bitcoin is.
Bitcoin is where you store your time.
You can ignore Bitcoin. You can make it seem evil. Then you are left with:
- Stocks — record highs with a strong chance of a correction.
- Gold — a heavy, expensive, under-performing fax machine.
- Real estate — a good option if you can stomach the enormous upfront cost and the global property bubble.
- Bonds — paying to own debt that pays you next to nothing in interest.
- Derivatives — bet on the price of an asset without owning it. Welcome to the global casino that can keep going when sport stops due to a pandemic.
- Savings account — throw your money on the sidewalk and step on it two hundred times. It pays more in entertainment value than an old bank.
For the foreseeable future, the options for storing value are pretty poor. Therefore, Bitcoin and, to a lesser extent, Ethereum, have become interesting. Bitcoin may be gaining traction, as you can see. $100,000 per Bitcoin isn’t bad. There is a problem with existing financial products.
In a nutshell, Bitcoin works like this
Buy Bitcoin. Don’t buy it. Ignore the $100k price jump or watch it happen.
The Winklevoss twins, famous for their Facebook presence, said it best: Money is the greatest social network.
Social frameworks are changing because they must change. The world can’t be ruled by a few. Big tech companies can’t tell us what to think and how to feel. Everyday global citizens must take back the internet at some point.
What does it matter if Bitcoin reaches $100,000? You won’t be happy with it. You won’t feel better if you didn’t buy any.
Bitcoin challenges the concept of ownership. Everything changes when ownership changes. Be open to the inevitable change. I think that’s the point of Bitcoin that seems to be overlooked.
This article is for informational purposes only, it should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions.