BoE Warns Bitcoin Could Become “Worthless” – It’s True, and That’s Why Bitcoin Is So Valuable
No one forces you to believe that Bitcoin has value. You choose to believe that Bitcoin has value.
Reading the economic news in the UK over the last few days, I've seen several rather startling statements from the people at the top of the system there.
It started with the BoE (Bank of England) stating that Bitcoin is a danger to the global monetary and financial system. I appreciated that the BoE finally understands the reason for Bitcoin in late 2021 when Bitcoin will soon celebrate its 13th year of existence.
It's no secret that Bitcoin aims to replace the current monetary and financial system, or at the very least, represent a credible alternative for all those who want to regain power over the fruits of their labor. As such, Bitcoin is a threat to the current system, which is unfair and has not served the interests of the people for a very long time.
Secondly, some members of parliament in the UK have made an incredible discovery: “Bitcoin is not an investment”.
Again, I appreciate that these parliamentarians agree with me on this point. As I keep explaining to you, Bitcoin is not an investment. Bitcoin is all about power. When you buy Bitcoin, you are opting for a different system. A system that puts users at the center of the game.
So Bitcoin is more than an investment, it's a major paradigm shift that allows you to live your life on your terms. I feel that the powers that be in the UK are waking up to the realities of Bitcoin in December 2021...
The Bank of England tells us that Bitcoin could become worthless, and it's true!
I get this feeling even more because the Bank of England, via deputy governor Sir Jon Cunliffe, has just added another layer by stating this:
“The Bitcoin price can vary quite considerably and Bitcoins could theoretically or practically drop to zero.”
If you listen to the BoE, there is a risk that Bitcoin will become worthless.
Here again, I can only agree with Jon Cunliffe. It comes back to the theory of the subjective conception of value. Bitcoin is valuable to more than 130 million users now, but they could all decide at the same time in the next few hours that Bitcoin is worthless.
If they all sold, panic would set in, and the price of Bitcoin would drop to zero. I have to admit that I would take the opportunity to accumulate more, so it would not reach zero. Other Bitcoiners would also do the same thing.
That said, Bitcoin may well go to zero. There is no obligation. And that's what makes Bitcoin so valuable!
Fiat currencies are valuable simply because the government tells you so. For Bitcoin, it's different.
Fiat currencies are only valuable because your governments impose their value on you. Your governments force you to use the U.S. dollar, the Euro, or the British pound. You have no choice. The value of these fiat currencies does not come from the actual trust of the people in them, but from the fact that you are forced to use them.
With Bitcoin, it's different.
If Bitcoin has reached the 130 million user mark, it is only because these people have decided to buy Bitcoin of their own free will. No one is forcing you to consider Bitcoin valuable. You make a choice. You choose Bitcoin because you think Bitcoin is valuable for at least 6 key reasons:
Bitcoin is scarce. Bitcoin is the hardest money in the world. There will never be more than 21 million BTC in circulation. Bitcoin’s programmatic monetary policy is there to abstract it from the corruption inherent in humans. It is a great advantage to finally have good money at our disposal.
Bitcoin is transparent. The transparency of the Bitcoin network is to be contrasted with the opacity of the current banking system. Nobody knows what is going on at the heart of this system. Nevertheless, the tip of the iceberg is chilling with fines for money laundering or manipulation that keep falling against the world’s major banks. The people deserve better.
Bitcoin has no leader. Bitcoin belongs to all its users. Its goal is to give power back to the people by removing the control of money from the hands of governments. This is the number one prerequisite for us to have good money available again, as Friedrich Hayek said in 1984.
Bitcoin is decentralized. Rather than a system with a single point of failure, Bitcoin relies on a decentralized system based on its users. They are the ones who ensure the operation and security of the Bitcoin network by providing their computing power. This works perfectly because Bitcoin has never been hacked in more than eleven years of existence.
Bitcoin is borderless. Bitcoin transcends national borders. It allows you to make transactions halfway around the world in a matter of minutes without the risk of censorship by a third party. Bitcoin remains the best solution to transfer money around the world safely and quickly.
Bitcoin is synonymous with freedom. Bitcoin protects 5 fundamental human rights. It gives you the freedom to live your life on your terms. In a world where governments and web giants threaten your freedoms, Bitcoin is your best money weapon to keep control.
No one is forcing you to believe that Bitcoin has value, but you are choosing to believe it. That's why Bitcoin will never be worthless.
No one is forcing you to believe that. You make up your mind about Bitcoin by constantly learning more about this revolutionary system. As you learn more, you become convinced that Bitcoin will change the world of the future for the better. So you decide to buy Bitcoin and become a Bitcoin HODLer no matter what.
In the process, there is no obligation. At any time, you can change your mind. It's your choice and yours alone!
So Bitcoin can be worthless if people lose faith in it. And it is precisely this unique freedom of choice that Bitcoin gives you that will make more and more people come to embrace this revolution, and Bitcoin will never be worthless.
In Bitcoin We Trust
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