The Case for Bitcoin for Everybody Who Doesn't Care About It
The Case for Bitcoin for Everybody Who Doesn't Care About It
What can you say when nothing you say matters?
Almost everybody on earth does not have any bitcoin.
Eventually, they will. Once its price goes up long enough for them to think it will keep going up, they will buy it.
That could take a while. Until then, what can you say to somebody who doesn’t care about security, self-sovereignty, permissionless finance, and all the other things bitcoiners talk about that don’t make sense to most people?
Probably nothing. You’re not likely going to change anybody’s mind about bitcoin.
That said, you might be able to help people justify their eventual decision to buy bitcoin. Plant a seed in their minds. Give them a little food for thought.
If you’d like, you can share my reasons for owning bitcoin as an investment. What are those reasons?
It’s a hedge against the collapse of our modern financial system.
Its price tends to go up over time.
You can find lots of things that hedge against the collapse of our financial system. You can also buy lots of things that tend to go up in price over time.
Only bitcoin does both.
Hedge against the modern financial system
Bitcoin’s technology relies on math, not people.
No matter what happens to banks, governments, businesses, or credit card companies, bitcoin will always work.
Math never fails. Computers will always do what they’re programmed to do. Equations do not have counterparty risks. Nobody can default on their bitcoin.
Do I expect our financial system to collapse?
No.
I also don’t expect to die within the next 26 years, but I own term life insurance coverage through 2047.
If that’s worth investing in, why not bitcoin, too?
At least with bitcoin, I can expect that investment to bring me something in return. God willing, that life insurance policy will expire as a total loss.
Price goes up
Since its inception, bitcoin’s price has never gone below the 200-week moving average, a measure of price over time.
That line always goes up. Check it out:
Heatmap of the 200-week moving average through October 2021, courtesy of LookIntoBitcoin.
Forever, the price has stayed above the 200 weekly moving average and that average has always gone up.
Sure, the downswings are tough but the trajectory is clear.
I’m not one to bet against history. Are you?
Bonus—you can use bitcoin for stuff!
Guess what?
You can also send bitcoin to anybody, anywhere, anytime, in any amount, instantly, with certainty the payment will go through, without needing to collect or share any personal data.
While that’s no reason to invest, it’s a nice perk. You can’t do that with stocks, bonds, gold, real estate, tax liens, private equity, businesses, or pretty much any other financial asset.
They still will not care
While nobody can deny these facts, most people will not find them compelling.
The good news is, whenever the price goes up long enough for them to think "I need to buy a little," a least you'll have given them some facts to back their decision.
That's more backing than their government's money has.
Mark Helfman publishes the Crypto is Easy newsletter. He is also the author of three books and a top bitcoin writer on Medium and Hacker Noon. Learn more about him in his bio.
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These points are so true. I’ve spent the last 2 years explaining the benefits of Bitcoin to friends but can count on one hand the number of them who bought crypto.
I’m tired. If they don’t get it now, they will in future and when they do, they’ll wish they’d invested sooner.
Soon everyone will own bitcoin, its inevitably. It will happen lol. Some don't get it, or don't understand it, maybe they don't want to. Idk why only they do, can't really tell anyone about it before losing there interest pretty fast. Sure bitcoin may go down here and there, but it will always go back up, that's why I'm holding it. I learned to hodl , I used to see it dip and panic sale. Not anymore because I discovered that when it goes down, it usually goes back up twice as much. HODL YOUR COIN