The price of Bitcoin continues its upward movement.
The price of Bitcoin has surpassed $44K in the last few hours.
For several days now, I've received messages from people telling me that Bitcoin was a scam just a year ago at the bottom of the Bear Market when the FTX scam exploded.
The same people who panic-sold their BTC back then, or told me they were glad they hadn't bought any, are now asking me this:
Should I buy Bitcoin?
I've been in the Bitcoin world since late 2016, and I have to say it's always fun to see the same pattern play out again and again. At every Bear Market, everyone flees, whereas you need to strengthen your positions and remain confident. When the Bull Market starts, everyone wants to buy Bitcoin.
The problem is the same every time: these people don't make the effort to study Bitcoin to understand its why.
If these people studied Bitcoin, they would understand that Bitcoin's value proposition is the same today at $44K as it was a year ago at $15K.
Bitcoin's price doesn't change its value proposition. It's your perception that changes, but Bitcoin remains true to its values and its protocol!
So my simple answer to these people is this:
If you're asking me this question, it's probably because you're not ready to buy Bitcoin, because you haven't understood its why. So, as soon as Bitcoin's volatility kicks in, you're likely to panic and lose money.
The key is to study the why of Bitcoin and then make your own decisions. That's the purpose of my book “The Truth About Bitcoin”, which I recommend you read.
For the same reason, I find it quite irresponsible to make predictions about the future price of Bitcoin without making it clear that you have no guarantees. The guarantees Bitcoin gives you are linked to its protocol, not its price. The rising price of Bitcoin is simply a consequence of the value proposition that Bitcoin brings and that more and more people are coming to understand.
Over the past few days, you can see more and more media talking again about a $100K Bitcoin soon. Bloomberg even did an article talking about a super cycle with the price of Bitcoin potentially soaring to $500K.
I'm a Bitcoiner, but I find such predictions dangerous because they only produce FOMO. They attract greedy people who generally don't seek to understand the why of Bitcoin. These same people will then panic and cause Bitcoin's price to fall even further.
The truth is, when people go out and acquire Bitcoin just to get rich quickly, the strongest probability is that they'll get rekt quickly.
Thus, education must take precedence over speculation in the Bitcoin world.
That's what I've been doing at my modest level since late 2016. I'm doing my best to educate as many people as possible about the Bitcoin revolution. I give no guarantees because no one can. I explain all that the Bitcoin revolution could bring to the world in the future.
I also reiterate that this revolution could very well fail if the people don't fully grasp it. Just because you have a fantastic savings technology at your disposal doesn't mean that everyone will understand that it's essential to take advantage of it.
So we need to keep up this educational work. Now more than ever, as the giants of Wall Street prepare to enter the Bitcoin world to try and reclaim their middlemen's seats in this fairer alternative system that is emerging.
Here’s the Wall Street Giants’ 4-Step Plan to Steal the Bitcoin Revolution From the Hands of the General Public.
Finally, the next time someone asks you the fateful question of whether he or she should buy Bitcoin, you can go further than my first answer and ask them to answer for themselves some of the following questions:
Do you want to protect the fruits of your labor in hard money that can't be debased?
Do you want to be able to use the fruits of your labor as you see fit, without having to risk censorship by governments and bankers?
Would you like to participate in the construction of a fairer monetary system where the rules are known to everyone in advance and can't be changed along the way by a few unrepresentative humans?
Would you like to be independent of the control, not to say the yoke, of governments and central bankers?
Do you want to be able to live your life on your terms in a future where CBDCs are imposed on us, with all the privacy risks that entails?
You'll help that person to think for themselves and come to Bitcoin at their own pace. When people realize all the flaws in the current system, they always end up better understanding the why of Bitcoin. This makes sense because it's by really understanding the problem that you can better gauge the value of the solution.
Bitcoin is the solution, but you have to help others understand the problem that Bitcoin solves first.
That way, people come to understand that the purpose of Bitcoin is not to get rich. It's not about selling your BTC for weak money in the future to make a profit, it's about protecting the fruits of your labor within a fairer monetary system.
It's up to you to decide!