Bitcoin is the most popular name in cryptocurrency.
It’s a household name. Chances are that even if you live in a hut in the jungles of Myanmar, you’ve still probably at least heard of BTC.
The problem is that state-run institutions have been pounding the public with anti-bitcoin propaganda since its inception. Basically, when bitcoin first came out and started gaining some value, thus notice from the public it was immediately labeled by mainstream media outlets as not only a serious financial risk, but the only reason to use it is for criminal activity in the dark web … so, if you decide to invest in it, you are essentially throwing in with drug dealers, gun runners, money launderers, and human traffickers.
That initial programming is a tough thing to shake. It’s so hard to shake that for some it will simply never happen. My own brother – who trusts me with his life– absolutely shuts down when I tell him about the potential cryptos and blockchains offer. For him, he will always see bitcoin as this risky, pretend currency that doesn’t actually exist.
Heck, even Warren Buffett told yahoo that Bitcoin isn’t an investment. He literally said I want to make this clear, unlike buying stocks, bonds, or real estate, bitcoin is not an investment. ‘If you buy something like bitcoin or cryptocurrency, you don’t have anything that is producing anything. You are just hoping the next guy pays more and you’ll only find the next guy if he thinks that he’s going to find someone who will pay more.” This was in May of 2018.
So, to a degree he is correct … but he is either so old school that he simply doesn’t understand the inherent value of blockchain technology or he is wilfully spreading propaganda because he is a significant part to of the centralized system – this is what I lean towards.
He goes on to talk about investments needing to be worth something on their own. In other words, physical, as the examples he gives are houses, apartments, and farms, etc. So, if we want to get people to trust Bitcoin more, we need to have an equally loud voice with empirical data that proves the other side is touting falsehoods.
Those of us who already do trust in the potential of cryptos need to advocate for them. Heck, some of the top companies around the world are on board with the crypto thing. Heck, even Las Vegas and top online sportsbooks use bitcoin. But why? What is Bitcoin worth on its own and why has it been adopted by, for example, sportsbooks?
Security, and speed of transactions. That’s the easiest value to point towards.
I can spend $25 to $50 on an international bank transfer that takes days because it has to be verified properly … or I can spend a few cents to move the same amount of money through bitcoin and in a few minutes because it is verified hundreds of times on the blockchain.
So, Mr. Buffet, you are definitely not stupid, but you are ignorant and using your clout to misinform millions of people via massive mainstream media outlets like Yahoo and CNBC.
It comes down to educating ourselves deeply enough about how cryptos like bitcoin actually work and where the value truly lies. If we are armed with enough knowledge that we can properly articulate it to others so that they see the value, we will begin to see a paradigm shift in public perception.
That said, it won’t be easy. The mainstream media is also responsible. If far-reaching outlets like Yahoo Finance continue to rail against cryptos, then our job becomes more difficult. That said, the BTC price index is up there ate the top the rest of the markets – sitting just to the right of USD/JPY. So, perception is already shifting. And if there is one thing good that comes out of this pandemic, it’s more awareness regarding BTC and other top altcoins.