Note: The term “Bitcoin”, in the context of this article, refers to the whole cryptocurrency scene in general and is used interchangeably with the word “cryptocurrency”.
At the time of writing, 1 BTC = $55k, 1 ETH = $2.7k
Over the course of the last couple of months, there has been a mass adoption of cryptocurrencies in the financial markets. Your average Joe from down the street that yelled at you at every opportunity to buy Bitcoin was right.
Warren Buffet who?
Bitcoin's price, over the past few months, has doubled and doubled again. Is it going to continue? Maybe. Maybe not. Who knows? The “experts” say that this is part of the cycle. That Bitcoin, and other cryptocurrencies that follow it like the mother ship: go mainstream, skyrocket in value, and then crash 70–90%, all to repeat the whole thing over again, in whatever time frame. Maybe they are right. Maybe bitcoin and alt coins alike will drop drastically in the next few months just as they predict- and maybe they will not.
If Icarus could redo his freedom flight repeatedly, do you think he would fly that high to the sun again?
If we assumed he had common sense, we would say “No of course he wouldn’t, he isn’t stupid…”
Well, I am here to tell you that financial markets, unfortunately (or fortunately depending on how you look at it) are indeed very fucking stupid. They will fly too high to the sun once again. And yes, Bitcoin will drop drastically in value. Will it sink to the bottom of the ocean? No. There is too much intrinsic value (that is right I said crypto has intrinsic value) in it to do so. However, unlike some cynics, I do doubt the longevity of their “crypto winter”.
You see there is fundamental value to Bitcoin. If I were to ask you to quantify happiness and how much it is worth to you, what would you say? A dollar? No too little. A thousand? That would mean too many happy people (because of course if everyone has it, who would truly want it?). A hundred thousand? Maybe. A million…a billion… a trillion…?
I am not saying bitcoin, or any other cryptocurrency is happiness. What I am trying to say is bitcoin and cryptocurrencies alike do quantify something for us. Mistrust.
The mistrust that we have with the institutional fiat currency controllers, and their puppet masters. How much do you mistrust the government? The same pricks who tell us to play their rigged games so that one day maybe we can be like them. (BTW yes I am very fun at parties)
How much are these cheat codes worth to you? I would say quite a few pretty pennies. Now does that mean that 2 trillion dollars in crypto asset market capitalization is the right amount? Once again, wtf do I know. Yes, and maybe no. But what I can tell you with certainty is that the fundamental principles of capitalism, given time, will tell us.
The prices of goods are determined by the ominous “market” and now this market is going to tell us how much we should mistrust itself. Kind of ironic.
Gold has been the historical reserve for the weary, the conspirators, and the hedgers. Over its span, it has amassed a market cap of around $11 trillion dollars. And that shit is completely useless! You think you can give a gram of gold for a Big Mac? Fuck no. You cannot fundamentally use gold to do much but flaunt your wealth. Bitcoin, Ethereum, Litecoin and alike are solving that problem. Not all in the same way, but with a common goal. To commercialize your fear. Your fear with the current system.
Ironic is it not? That we Americans claim to be the epitome of Capitalism, a system that promotes a radically free “free market”, yet we trade with a centralized currency. Oh yes, the rigged game.
That is why we will… that is why we must adopt bitcoin, cryptos, and the blockchain alike. In my opinion no rightful government ever will give up control of currency. Centralized or decentralized. It is far too important of a tool of oppression to be liberated. But they cannot and will not maintain their iron grip.
If it is not bitcoin, something else will take the place of Fiat Currency. Blockchain technology has opened a Pandora’s box, that cannot be closed. There are cracks in the old system, and it will tear down the integrity of the fiat currency system. We will see a decentralized, regulated, but largely free means of exchange that is faster, more efficient, and truly liberating to use.
So, with all due respect, fuck your fiat currency.