There are few topics out there more exciting than bitcoin. It is on the cusp of bring a new wave of technology to the world, potentially changing our way of life more than we even know. Yet with all of that excitement, there is a shroud of mysteriousness surrounding bitcoin that adds even more to the legend that is bitcoin. The largest of these mysteries is of course the creator of bitcoin itself, Satoshi Nakamoto. No one knows who they were, if they are even involved in bitcoin today, of if they are even still alive. Then comes the mystery of what will happen with Satoshi's coins, which is rumored to be at least over 1 million BTC coins. Did they intentionally burn the coins or keys to their wallet. Will the wallet reawaken when the price of BTC hits a certain price level and sell off. Another mystery that may never be solved.
During the earlier years of bitcoin, Reddit was one of the most popular places, and only places, where you could discuss bitcoin. During those early years there was a post made that became the things of legends and was greatly debated. Was it real or something to take seriously? Was it fake and just a story made up for fun. This post was of course the "Bitcoin Time Traveler" post. If you are new to bitcoin and cryptocurrency, you really should do yourself a favor and read the thread. It does paint a very grim reality of what the future will become if bitcoin does "take over" the world. Of course their were detractors of the post, and fans of the post as well. But one thing for certain is that it made a lot people think about if this was all worth it. Would bitcoin make the world a better place, or would it actually make it a worse place.
I'm reminded of this whole story with the recent announcement by the El Salvador president, that they will be making a "Bitcoin City" in El Salvador. This city is promised to be the dream place for any significant BTC holder to live and also a huge tax haven. It will feature 0% tax on things such as income tax, capital gains tax, property tax, payroll tax, municipal tax and also 0% CO2 emissions.
After seeing the announcement myself I thought, "wow that sounds great." It looks very appealing to me and why wouldn't I want to live there? It is truly a glimpse of the future and the world is changing right in front of our eyes. The world is going to look very different ten years later from today and I'm very excited for that change to happen. I believe that this is going to be the largest transfer of wealth that we have potentially ever witnessed. I am excited for this change to happened because I have accumulated a significant amount of bitcoin and cryptocurrency, which has made this whole inflation world much less stressful for me. But, if I hadn't done that, the feeling would be completely different. It was at that moment that I was remembered the bitcoin time traveler post and debates that ensued.
This post was supposedly from a person who had come back from the future, and he wanted to warn us of the future that bitcoin would bring us and try to stop it. It was a world of those who have bitcoin, and those who do not. For those who have it, they lived life like kings and lived in Citadels surrounded by other BTC holders, separated off from the "normal" people. The people who had nothing had become angry and violent. Basically overnight their wealth in fiat had evaporated and they had absolutely nothing. Their survival instinct kicked in and they targeted bitcoin holders. Hunting down significant BTC holders and killing them. The energy needed to mine bitcoin had become so intense that it was destroying the world. Countries who had gotten into bitcoin early had become the super powers of the new world. It was definitely a grim take on the world and what bitcoin would cause. Of course, it was just a post and just an idea a regular person thought up and even edited again in 2019. But that doesn't mean it didn't bring up valid points.
With El Salvador announcing the Bitcoin City, in my view it is the first citadel to emerge. Something that we need to be very careful about. As I mentioned before, the idea of living in that type of city is very exciting to me. I believe that this will be the fist of many to pop up all over the world. I am as bullish as a person can possibly be, and I'm of the belief that we will see a $1 million dollar bitcoin price before 2030. With that said, I am also worried about the future. Think of all the people that you know. Probably very few of them own bitcoin or other strong cryptocurrencies. Imagine the dollar or all fiat currencies for that matter becoming worthless overnight, while bitcoin skyrocketing in value at that same time. It would cause chaos, unlike anything we've ever seen before. All no-coiners in the world would have their wealth evaporate over night. Even very rich people who hadn't invested in bitcoin would become poor. It could become a scary, violent and dangerous place.
While I don't know if that future will come. These are the types of things that I think about in my free time. If you have accumulated a nice position you will be fine in any scenario. But then it is your responsibility to try to share with your friends and family what you have learned. While it is very likely that they will not want to listen to you, when you explain the possible scary future. In fact, they will most likely think that you are crazy. But, it could end up that you are saving them. That extremely grim future will most likely not come to be. But the reality is that our fiat spending power is being inflated away at a scary pace. In the last year, more than almost 1/3 of all US dollars in existence were printed. That fact alone should scare you. During that time bitcoin has done a 20x in value.
Be ready, put in the research and buy bitcoin. It could end up being the best decision you ever make.
How about you? What kind of future do you see if bitcoin continues to soar in popularity?
As always, thank you for reading!