[Bitcoin Illegitimate/A Novelty](https://medium.com/eaglebrook-advisors/common-bitcoin-objections-illegitimate-a-novelty-e9aad7021c95)
Seems like bitcoin is still in that category for a lot of people.
How much of the aversion to bitcoin is due to it being new vs. it not actually fulfilling its potential role of money?
There seems to be a reluctance to bitcoin just because it is new. Similar to the internet. That has to be part of it. People don’t even take a hard look at bitcoin.
That’s not to say bitcoin will successfully see mass adoption, but it is surprising that there is a contingent still ignoring bitcoin.
Because most people are ignorant about the monetary system. They truly don’t know the US dollar itself has no value, that banks are required to hold 0% of their deposits, that bank depositors are legally “unsecured creditors”, and don’t understand that inflation has been eroding the purchasing power of their currency for 100 years.
Throughout history, people have naturally migrated to use the superior form of money available to them.
* barter and trust
* salt, shells, glass beads
* gold
* gold coins
* “gold backed” banknotes
* fiat currency
Now there is Bitcoin, the new superior money.
The days of fiat currency are numbered.
There is no valid reason to return to “gold backed” notes or physical gold.
It went from literally nothing to $1 trillion in just over 10 years.
During the worst macroeconomic climate since its inception, it retained circa $300bn market cap.
By the end of the decade it may appreciate to one third of gold’s current valuation, a commodity that is the most valuable asset in existence and has been around since the dawn of time.
Nothing is certain but almost every indication suggests it could become the apex property on earth.
I am Bitcoin,
Bitcoin is me.
Bitcoin is freedom,
or I cannot be.
Bitcoin is already 14 years old. Whoever is calling it a novelty, is calling an iPhone (that’s only one year older) or any smartphone for that matter, a novelty too.
Bitcoin is almost old enough to drive.
It’s not new or scary, and the technology isn’t unproven.
The doublespeak from institutions is amazing. Institutions are complimentary of the innovation underlying bitcoin but talk sh*t about bitcoin itself.
Most are afraid of technology becoming a representation of their wealth.
It is different, technology replacing telephone communication, post mail letters, outdated book keeping. It will take time to becoming a replacement of wealth.
Most are afraid of technology becoming a representation of their wealth.
It is different, technology replacing telephone communication, post mail letters, outdated book keeping. It will take time to becoming a replacement of wealth.
The fact that most people still don’t understand Bitcoin makes me all the more optimistic that it will continue to outperform other assets going forward.
Price inefficiency is the result of a lack of information. Investment outperformance is based on finding price inefficiencies in the market. I think Bitcoin is still inefficiently priced because of most people’s lack of understanding. That means there’s still opportunity for Bitcoin to outperform going forward.
It won’t go mainstream until retailers begin accepting it.
*The banker took him to a window. “Look,” he said pointing to the street. “You see all those people on their bicycles riding along the boulevard? There is not as many as there was a year ago. The novelty is wearing off; they are losing interest. That’s just the way it will be with automobiles. People will get the fever; and later they will throw them away. My advice is not to buy the stock. You might make money for a year or two, but in the end you would lose everything you put in. The horse is here to stay, but the automobile is only a novelty — a fad.”*
https://archive.org/details/truthabouthenryf00bush/page/n11/mode/2up