It is undeniable that mentalities around Bitcoin (BTC) have changed enormously since the start of 2020. This trend will continue to accelerate in 2021, and in the years to come. Yet some continue to talk about the Bitcoin scam or that it is only used for criminal activity. These people are motivated by 4 great human feelings that keep them from opening their eyes to Bitcoin.
The year 2020 will forever be associated with the coronavirus pandemic. In a few weeks, all the certainties we had have vanished. Everyone realized that the world’s balance was more than precarious. This coronavirus pandemic then triggered an economic crisis of greater magnitude for decades.
The actions taken by central banks and governments to stem the consequences of this economic crisis have caused a great monetary inflation which we will suffer the consequences for years.
Faced with this high monetary inflation, an asset has emerged as the best recourse. This asset is Bitcoin. Bitcoin is actually much more than that, but currently, it is mostly as a store of value that Bitcoin really takes hold.
The change in mentality about Bitcoin accelerated in 2020
Bitcoin’s biggest value proposition in 2020 is to allow you to shield your wealth from the ravages of monetary inflation in a censorship-resistant way.
Bitcoin is seen by a growing number of institutional investors and large companies like a version 2.0 of gold. Bitcoin is objectively superior to gold as a store of value. Under these conditions, it is not surprising that a growing number of Bitcoin opponents have changed their minds in 2020.
As such, I think that the coronavirus pandemic will be recalled as the tipping point for Bitcoin in a few years. I was already saying this in April 2020, and I am even more convinced of it today as we are in December 2020.
Despite the fact that big names on Wall Street, from Paul Tudor Jones to Stanley Druckenmiller, are dubbing Bitcoin, that large companies are making it their reserve asset, and that PayPal now offers the purchase / possession / use of Bitcoin to its users , some continue to refuse to open their eyes.
These people remain in their sterile opposition to Bitcoin. From Ray Dalio to Warren Buffett, including central bankers or politicians from major economic powers, these people continue to denigrate Bitcoin. They are joined by individuals who continue to repeat the same clichés they have heard in years past.
In my opinion, all those who continue to call Bitcoin a scam, to say that it is worth nothing, or even to say that it is only used for criminal activities, are guided by four human sentiments that I will reveal to you in the following.
For years, Bitcoiners keep saying that Bitcoin is a real monetary revolution. This revolution must allow its users to take charge of their money destiny.
Bitcoin will change the world of the future. For now, it responds to the great need that emerges in 2020: to protect its wealth from the ravages of monetary inflation in a censorship-resistant manner.
All Bitcoiners have explained for years that the price of Bitcoin is made to reach a price well beyond $ 100K in the future. Opponents of Bitcoin kept repeating that Bitcoin had no intrinsic value. They refuse to admit that the value of a currency is totally subjective.
If Bitcoin opponents were reassured when the price of Bitcoin was less than $ 1 in 2010, they started to redouble criticism in 2013 when the price of Bitcoin first exceeded the $ 1,000. The 2017 end-of-year Bull Run which raised Bitcoin to $ 20K was the occasion to constantly call it a scam and fraud.
The bear market of 2018 reassured these non-believers. They took the opportunity to say that Bitcoin was going to die.
And then, as always, Bitcoin came back even stronger. This year, the price of Bitcoin has returned to the tune of $ 20K by beating a new All-Time High (ATH) on December 1, 2020. A lot of former opponents admit their error in judgment. They explain that they now see a bright future for Bitcoin.
Those who are still in denial do so out of fear. They are afraid that all of the Bitcoiners’ prophecies will prove to be correct. If this is true, the price of Bitcoin could well reach $ 500K by the end of the decade as predicted by the Winklevoss twins.
Rather than buying Bitcoin today and getting a 25-fold gain with the best performing asset of the next decade, these opponents would rather let their fear get the better of them. They are afraid of missing the revolution train, yet they refuse to admit their mistake by getting on board.
The powerful at the head of the current monetary and financial system, but also all those who profit from the injustice of this system, are simply afraid of seeing the emergence of a fairer system with Bitcoin.
States are afraid that the people will regain power over money. However, it is something that cannot be avoided and will make the world a better place. Friedrich Hayek’s Dream of Returning Good Money Comes Block After Block With Bitcoin.
Bitcoin is the people’s currency supported by the people. Its success is inevitable.
Added to this fear is a strong sense of anger for Bitcoin opponents. These opponents had a great opportunity to buy it in March 2020 when the world experienced a massive liquidity crisis. The price of Bitcoin then fell by 50% in a few hours from $ 8K unless $ 4K.
For all Bitcoiners, this was the opportunity to accumulate more BTC.
All of these Bitcoin opponents missed the boat. From this lower to $ 3.8K, the price of Bitcoin has continued to increase to reach $ 19.1K as of this writing. In the midst of an economic crisis of a magnitude more seen for decades, the price of Bitcoin has increased by + 400%.
Bitcoin is a safe haven in times of crisis. There are only Bitcoin opponents left to doubt it and keep talking about scams.
These non-believers are guided by anger. Indeed, they were afraid to buy Bitcoin for less than $ 10K. Now that its price is close to $ 20K, they are mad at themselves.
Bitcoin is a once in a lifetime opportunity, and they are losing it out of fear. Yet even at $ 19K, Bitcoin remains the most undervalued asset in the world. Buying Bitcoin in 2020 is obvious from my point of view.
Writing on Bitcoin every day for several years has allowed me to interact with a lot of people. Some people ask me questions showing their interest in the Bitcoin revolution.
Others ask me to convince them that Bitcoin is not a scam or a fraud. Finally, some tell me that Bitcoiners were lucky to buy Bitcoin when its price was much lower than it is today.
The first thing to understand is that I have nothing to prove to these non-believers on Bitcoin. Bitcoin’s success since its inception speaks for itself. If you don’t understand why Bitcoin is a revolution after reading Satoshi Nakamoto’s white paper, the reference books on the subject, then my daily articles for several years, there is nothing I can do for you.
Time will prove to you that you were wrong. You will only have to harbor eternal regrets for missing this once in a lifetime opportunity that is Bitcoin.
Those who tell me that they are interested in Bitcoin but that it is too expensive now seem jealous that Bitcoiners have been able to accumulate more of it than them at lower prices in US dollars. Of all the human feelings preventing the purchase of Bitcoin, jealousy is possibly the worst.
To these people, I want to say that what matters is how many BTC you can accumulate.
Don’t look at others. Don’t compare yourself to others. Set a personal BTC goal to own. In my opinion, a good objective to aim for now is to own 1 BTC in full. Once you have enough confidence in Bitcoin, you can enter the race to own 1 BTC in full.
But for that you have to stop saying that you are waiting for the next correction to buy Bitcoin.
At the current price, buying Bitcoin remains obvious. MicroStrategy has just launched a loan of $ 550 million to buy even more BTC when the price was $ 19.4K. This shows you how confident Michael J. Saylor is in the future of Bitcoin.
He joins in this all the Bitcoiners who continue to buy it regardless of its price. You don’t have to watch what other people are doing to make your own decisions.
Bitcoin has an easy to remember slogan: “Don’t trust, Verify”.
This slogan is there to encourage you to develop your critical thinking. To fully understand how Bitcoin is a revolution, you must first try to understand how the current monetary and financial system works.
It means doing extensive research on your own, and reading. You have to read a lot to learn more about the current system. The disturbing truth then appears obvious to you. You understand that the current system has many flaws that cannot be corrected.
From then on, it will be time to discover Bitcoin. You will be surprised to realize that Bitcoin is a much simpler and more transparent system. Bitcoin’s white paper is only nine pages long, and yet it describes how it works.
No one can describe the full functioning of the current monetary and financial system in so few pages. Everything is complex and much more opaque. The current system leaves too much room for arbitrary decisions by a few humans.
This system requires being able to have complete confidence in central bankers, private bankers and politicians. Yet history has shown us that this is impossible. Humans’ penchant for corruption always catches up with them.
Bitcoin has no leader and responds effectively to the problems of the current system.
Many find it difficult to understand it for intellectual laziness. The latter is one of the feelings that you must fight to be able to open your eyes to Bitcoin. Sufferers refuse to take charge of their financial destiny. They prefer to trust the powerful of the current system rather than to deepen their knowledge.
This is extremely damaging. This laziness locks them into the misconceptions about money that the education system has been propagating for years. This prevents them from being able to really take care of their money future.
To take advantage of the Bitcoin revolution, you’re going to have to get past this laziness and actually get moving.
The change in mentality regarding Bitcoin has accelerated in 2020 like never before. Yet some continue to falsely criticize Bitcoin using long outdated clichés.
Those who keep talking about Bitcoin scams, saying that it has no value, or that it is only used for criminal activity, are guided by the four great human sentiments that I have detailed to you in this article. story: fear, anger, jealousy and laziness.
To profit from Bitcoin, you’re going to have to ignore these feelings and stick to the facts. By checking it out for yourself, then you will see that Bitcoin is a monetary revolution that will take everything in its path. In these conditions, you absolutely must be part of it.
A developer by training, I discovered Bitcoin in 2014 but did not immediately grasp the importance it could have for the world of tomorrow. I took a more in-depth look at it from the start of 2017 and I haven’t let go of it since.
Passionate about Bitcoin and the new system it is trying to build for the future, I decided to participate in its evangelization at my modest level by writing about Bitcoin, Blockchain and cryptocurrencies in different media.
It is with pleasure that I publish some of my texts in French on The Coin Tribune.
I also write quite a bit about personal development and self-improvement.
Please feel free to connect with me via social media or in comments on my articles if you have any questions regarding my articles.