A handful of people I know don’t quite get the “evangelism” (my word, not theirs) of cryptocurrency enthusiasts. Not nocoiners - many of them own a bit of crypto - but people who notice that a great deal of holders seem to make it their new center of the universe. To many buyers, it’s the simple thrill of seeing giant green candles with returns that utterly dwarf 1980s interest rates - big numbers speak for themselves. To others, it’s the technology. Tom Bilyeu has an excellent video with Raoul Pal expanding on the appeal and cryptocurrency as well as the opportunity it provides (bulls will salivate!). But for many, it’s more than either of those two things.
Bruce Fenton recently wrote an article in Bitcoin Magazine entitled How Bitcoin Fixes The Money, Saves The World. He’s absolutely right. This period is not the same as the late 2017 bull run where many people were only out for “some sick gainz, bro”; there’s an unspoken desperation this time around. At the time of writing, we have:
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a pandemic economy propped up by money printing;
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record high wealth disparity growing by the month;
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trillion-with-a-T dollar government spending bills;
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a triangle of contention between the United States, Russia, and China;
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supply chain complications (if not outright disruptions);
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a media complex hell-bent on starting a civil war in a country that holds half of the small arms in the entire world.
Perma-bear as the site is, spend twenty minutes looking at ZeroHedge at any given time to see how the stakes are incomparably higher in 2021. Every time you see your wallet balance increment, you get a moment of relief followed by a moment of anxiety that you should have bought more, that you might end up in a bad spot at some point in the future if you don’t get some more coins. That’s not to say this is the active thought process, but to anyone aware enough of the above points to start looking into crypto, precious metals, hard assets, or other stores of value, it’s always there.
Buying stocks is putting faith in The System; buying precious metals and lead is renouncing faith in The System; buying cryptocurrency is recognizing a broken system and believing something better can be made. Building back better, if you will.
