Have You Given Up on Bitcoin Yet?
Welcome to the Schmoozeletter Blog. Your source for weekly water cooler wisecracks from the world of finance. If you have an opinion different than mine or a topic you want to hear about, let me know!
This week, we’re talking about:
Have You Given Up on Bitcoin Yet?
The CLARITY Act was in the news this week, causing a Bitcoin breakout!
Will they pass it?
Won’t they pass it?
Honestly, it doesn’t really matter. The real question is…
Have You Given Up on Bitcoin Yet?
The CLARITY Act, which will give an all-important, comprehensive digital asset framework, is making its way through the Senate…
Blah…
Blah…
Blah…
What do us Cryptonians want?
The price of Bitcoin to go up.
And what did we get this week?
Cha ching, baby!
A beautiful three-month breakout on $67k.
Just don’t zoom the chart out a year…
But that’s okay.
Over the long term, this act and this week don’t matter for the price of BTC.
All that matters is long-term adoption.
All that matters is that, just like the founder himself intended, Bitcoin continues to be that peer-to-peer electronic cash us internet-loving folks use every day.
I was down at the shore this week and they had bathing suits seven for three-hundredths of a Bit. What a steal!
Just like Satoshi dreamt up, we’ve totally eliminated the huge corporate fat-cat banks and institutions from being the big players in the digital cash world.
Power to the people!
Could you imagine digitally paying for pizza with anything other than Bitcoin?
“No thanks, you bastards at Chase Bank! This pepperoni slice is getting peer-to-peered with the delivery driver.”
But anyway, even if some decel-maxing losers are saying BTC isn’t being used the way it was originally intended, it’s still digital gold, right?
Bitcoin is still that store of value.
Money doesn’t just hop straight to everyday use like that!
Money historically goes:
Collectible → Store of Value → Medium of Exchange → Unit of Account
The bitty is on the front end, right?
We just haven’t gotten to the point where our AI chatbots are zooting BTC to the grocery store’s coin vault for a reorder immediately upon us finishing that last bottle of Snoop Dogg Lemonade.
But uh…
Are we headed that way?
What if Bitcoin never becomes the go-to “pay for stuff” thing in our cold wallets?
What if the next generation doesn’t see BTC as some cool, revolutionary, trendy digital gold?
What if they see it as some boring old speculative bet their gambling dads ramble on about.
Because money historically goes the other way too.
When the only thing an asset does is supposedly go up in price…
What are the people going to do when it stops going up in price?
How long will you stick around HODLing as the years go by and buys go down.
When will you honestly ask yourself:
Have You Given Up on Bitcoin Yet?
Final Thought
“If you told me you owned all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you.” – Warren Buffett
