Cryptocurrencies

Disrupted or Disruptive? Understanding Bitcoin Today Will Determine Your Life Tomorrow

Everyone agrees that Bitcoin is the biggest technological revolution since the advent of the Internet. Bitcoin is a real disruption that will completely change the world of the future in terms of money. Governments, bankers and even economists continue to fiercely oppose Bitcoin. For me, they are the symbol of the lost battle in advance between disruptors and disruptors, of which Bitcoin is a proud representative.

The Crisis, a catalyst for the unprecedented

The economic crisis in which the world is currently plunged is completely reshuffling the cards. Everything that seemed impossible before seems to be possible now. Over the past ten weeks, we have seen the Fed cut interest rates to zero, before printing more than 3,000 billion American dollars.

The other central banks did the same in barely lower proportions. Governments, meanwhile, continued to accumulate even more public debt to support their respective economies.

The American public debt has thus exceeded 25,000 billion dollars following the various actions taken by the American government which exceed the $ 3,000 billion. A stimulus check from $ 1,200 was sent to all eligible United States citizens.

This is clearly not enough given the extreme poverty of millions of people.

Some voices are even starting to speak of the need for some sort of basic universal income in the United States until the economy has returned to its pre-crisis level.

Meanwhile, the price of American oil has even been negatively quoted at -38 dollars upon expiration of the May futures contract.

Bitcoin’s mindset slowly begins to change

In a world where everything seems to be turned upside down, you should not have been surprised to see some opponents of Bitcoin start to radically change their position towards the queen of cryptocurrencies.

We haven’t gotten to the point where Warren Buffett would have dubbed Bitcoin. However, this is only the first step of a journey a thousand paces long to paraphrase Lao Tzu.

It all started at the beginning of May 2020, when Paul Tudor Jones, a famous American hedge fund manager, announced in a letter to his investors now favoring Bitcoin over gold to guard against the risks of the great monetary inflation that we are currently undergoing.

The
Paul Tudor Jones

This high monetary inflation is the direct consequence of the trillions of dollars printed by the Fed and the other central banks currently in order to save the current monetary and financial system whatever it costs.

Millions of poor people are feeling the brunt of the irrational spill of fiat money, as Jerome Powell confirmed in an interview for 60 Minutes:

“The people most affected are the most recently hired, the least paid. It is women in the majority of cases. We are actually releasing a report tomorrow that shows that of those working in February earning less than $ 40,000 a year, almost 40% have lost their jobs in the past month or so. This is an extraordinary statistic. It is therefore they who bear the brunt of this situation.

Jerome Powell

The Fed knows very well that its quantitative easing unlimited is harmful to those who need help the most. However, Jerome Powell can do nothing but what the central banks always do to address the problems of the economy: always print more money to support the economy of their respective countries.

Donald Trump is even pressuring Jerome Powell to go further by switching to negative interest rates.

The Fed is resisting for the moment, because such a decision would be far from constituting the “gift”That Donald Trump imagines.

Lower Fed Interest Rates in Negative Territory Would Benefit in fine Bitcoin in my opinion. I think Jerome Powell and many others are aware of this. That’s why they probably won’t.

With rates set to zero since mid-March 2020, individual investors, but also individuals are looking for new investments offering them more attractive returns.

It is with this problem in mind that Paul Tudor Jones opted for Bitcoin. Gold remains an excellent reserve value, but Bitcoin’s potential in the field is objectively higher.

In addition, Paul Tudor Jones points out that Bitcoin is clearly undervalued currently with a price below $ 10,000.

JPMorgan follows in the footsteps of Paul Tudor Jones

Many institutional investors are expected to follow in the months and years to come. In mid-May 2020, JPMorgan has even just started to set foot in the world of Bitcoin.

The bank led by Jamie dimon has just announced that it will extend its banking services to Bitcoin by relying for that on trading platforms Gemini and Coinbase.

The days when Jamie Dimon was extremely aggressive towards Bitcoin seemed far away. However, it was less than three years ago in September 2017. Jamie Dimon said then:

“Bitcoin is a fraud. I would fire anyone caught JPMorgan buying Bitcoin in a second. It’s not a real asset, Bitcoin will eventually be closed. ”

Jamie dimon

It seems Jamie Dimon has come a long way since these statements made at the 2017 Delivering Alpha conference.

You know this famous quote just like me:

“Only the mad and the dead do not change their minds. The fools won’t do it and the dead won’t. ”

John H. Patterson

So it would seem that JPMorgan would rather change their minds about Bitcoin than stay on the side of fools.

Everything that is happening right now are all extremely promising factors for the adoption of Bitcoin in the months and years to come. Things are gradually falling into place so that we can then witness the arrival of many institutional investors.

Many are finally starting to understand that Bitcoin is here to stay. It is never too late to do well as they say.

The Bitcoin revolution will take place whether you support it or not.

If you choose to waste your time opposing Bitcoin, you will be among the big losers of the Bitcoin revolution. It’s always the same thing in life. Those who embrace a major technological disruption before others then have an incredible advantage.

By placing yourself on the side of the switches – and in this case it means buying Bitcoin -, you will always be one step ahead of the disrupted.

For Bitcoin, it’s exactly the same thing.

Fierce opposition to a major disruption such as Bitcoin is already seen

Come to think of it, I think it is possible to draw a parallel between Bitcoin and many other major technological disruptions of recent decades.

When television was really able to develop after the Second World War, all the great leaders of radio stations were unanimous. For them, television was a bad idea.

Some even went so far as to say that television would have no success, and that radio would remain dominant. As with Bitcoin today, the disrupted people fiercely resisted the revolution led by the disruptors.

Today we can see what it is. Television occupies a prominent place in the lives of billions of people on Earth. However, the radio has not disappeared. Its uses have evolved, and the most refractory have been forced to undergo the television revolution.

When the mainstream Internet began to spread in the late 1990s, many bosses of paper newspapers turned their attention to the fact that the Internet would not be successful.

Paper journals could never be replaced. Paper newspapers represented disruptors here, while the Internet has paved the way for many disrupters like Bitcoin does today.

While searching for old newspaper articles from the mid-90s, I found an article by Newsweek with a rather tasty title when we read it in 2020:

The Internet? Bah!
Hype alert: Why cyberspace isn’t, and will never be, nirvana

Newsweek article explaining that the Internet would never be nirvana

If it was true that it was rather difficult to quickly find what we wanted on the Web at the time, The Arrival of Google Changed the Game to Make the Web Extraordinarily Convenient.

Now, when a person has a question about any topic, their reflex is the same: he turns on his computer, or goes on his smartphone, then does a Google search.

The paper newspapers have not disappeared, but they had to adapt. Those who took the longest to evolve are those who ultimately had the most difficulty surviving. Many newspapers are now adopting a digital first strategy.

Again, you don’t stop a major technological disruption just because you feel threatened. The revolution will take place with or without you. Disrupted people cannot hope to resist disruptors, such as Bitcoin, by simply criticizing it fiercely.

The evolution of the species inhabiting the Earth for millennia has at least taught us this essential truth:

Evolve or disappear.

The examples obviously don’t stop there. I could have quoted you taxi drivers who resisted when Uber arrived, hotel owners threatened by incredible growth from Airbnb, or Spotify which all record companies have fought against – in vain – for years.

The situation for Bitcoin is exactly the same with a battle between the disrupted and the disruptors.

Bitcoin is the symbol of the losing battle between the disrupted and the disruptors

Bitcoin is a major technological disruption which endangers the absolute power of central bankers, banks, and rulers in matters of money in order to return it to the people.

Everyone who benefits from the current monetary and financial system therefore naturally feels threatened by Bitcoin. The total paradigm shift it creates scares them.

Bitcoin represents the first step in the separation of money and state. They clearly do not want to see this happen.

Unfortunately for them, and fortunately for the inhabitants of the Earth, history shows us that disruptors, such as Bitcoin, always end up taking precedence over disrupted people. They have no choice but to evolve sooner or later.

Opponents of Bitcoin, at the head of which we can find Warren Buffett, are therefore the perfect symbol of this battle lost in advance between the disrupted and the disruptors.

In the end, Bitcoin will triumph. It goes in the direction of history.

The monetary and financial system will not disappear, but it will have to adapt like all the other disrupted people I have just told you about have had to do it.

In the future, it is very likely that Bitcoin co-exists with the fiat system, while being the Internet money protocol.

Bitcoin will be a great alternative allowing citizens around the world to choose to switch to a more protective and respectful system. The fiat system will have to adapt and evolve, whatever the central bankers and government officials who are currently resisting.

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