Is Bitcoin a scam or going to zero?
There is a popular meme that says Bitcoin doesn't care what you or I think. And it's true - Tick, tock, next block - the software that runs the world's most valuable cryptocurrency ploughs on relentlessly, building 10-minute blocks, or more accurately, links in the time chain, unaffected by outside forces.
Mainstream chatter heads have given Bitcoin a hard time for many years now, the BBC being a notable example - how shocking. I have followed Bitcoin for a lot of years, and whilst not without is problems, I can assure you that most of the negativity you read about is either made-up nonsense, outdated, or simply unrelated to Bitcoin. In fact many of the criticisms levelled at Bitcoin were fired at the internet, electricity, the motor car, and fast forward, AI, now receiving a similar dose of critical medicine too about boiling oceans and the like.
The point about negativity based on factors unrelated to Bitcoin might make sense if I mention another meme - Bitcoin not crypto. The thing is, "Crypto" has nothing to do with Bitcoin, yet Bitcoin is often unfairly caught up in and conflated with some of the biggest Ponzi schemes in history, which are actually run by crypto bros, not Bitcoin proponents.
Bitcoin is a specific decentralized monetary technology running on the first-ever blockchain. It was created by a group of genius cypher-punk anarchists whose aim, then and now, is nothing less than to build a new decentralized global financial system - and they are not asking for permission!
On the other hand, "Crypto" has everything to do with centralized Silicon Valley and far Eastern venture capitalists with limitless funds for projects that use blockchain and cryptography technology. Being master marketers, they often try to latch onto Bitcoin's success by claiming to be "just like Bitcoin." But they're fundamentally different from the 800lb Bitcoin gorilla.
Despite the drama and criticism, Bitcoin is still here. Still, there is no CEO at the helm, it remains unhackable, and it's impossible to shut down. And too many people believe in Bitcoin now to ever let it drop to zero, prompting another Bitcoiner meme - I will die on this hill!
It is interesting to see what people with gravitas in the financial world have to say about Bitcoin.
This is the pitch from BlockRock, the world's wealthiest asset managers.
Bitcoin, the world’s leading cryptoasset, has been on a journey since its launch 15 years ago, rising in terms of access, use cases, and market value. Bitcoin is the most widely adopted digital asset, holding over 50% of the $1.7 trillion market capitalization.1
Since its launch in 2009, several factors have driven bitcoin adoption, including its potential to reimagine money for a global audience, even while it has exhibited volatility.
Among factors increasing adoption:
Bitcoin is able to transact across jurisdictions, creating a potential “global internet of value” that allows assets to move frictionlessly at low cost and in near real-time across borders.
Bitcoin is a scarce asset, with a supply fixed in its code of 21 million units.2 Bitcoin is also decentralized and not subject to inflation.
Bitcoin is available to anyone with a mobile phone and an internet connection, meaning it can help more people to participate in the global financial system.
I'll leave it there, hoping that this passage qualifies as fair use!
Let me know if you have any questions or strongly disapprove of the info in this article. 😄
