Bitcoin Crashed

Read my post on Bitcoin that I am extremely proud of and that gets no traffic…

So, the price of Bitcoin in dollars has crashed by 50% from its all time high not so long ago and no sits around $70k, and all of a sudden out of nowhere an army of self-appointed Bitcoin experts crawled out of the woods and began offering their opinions. I personally love these two:

1. Bitcoin has no intrinsic value
2. Bitcoin is a scam/Ponzi scheme

Bitcoins has an intrinsic value because it has a perceived value to its holders. Bitcoin is decentralized, it has no master, and there is a limited supply of it. So with time, despite these drastic falls in price, the purchasing power of Bitcoin rises. Now look at US dollar:

Bitcoin is a currency that actually increase in cost, and with time can buy you more stuff. People are saying that you cannot use Bitcoin for anything. True, its use is rather limited, the adoption is slow but this is because it is relatively new. Already today there are vendors, businesses, online apps that accept payments in Bitcoin. I literally buy electronics with it, I bought champagne for New Years with it, you can pay Rumble subscription with it. I heard that restaurants use this app for Bitcoin payments but I barely go out and have no social life so I didn’t try it yet.

And Bitcoin might have characteristics of a Ponzi scheme and Satoshi holds like a million Bitcoins, so he can cash out when the price gets high enough. But who gives a flying fuck? Just buy some and see for yourself how you like it. I personally don’t have all my money in BTC. It is a risky asset, the volatility is one thing but its future is uncertain in my opinion. Although, Bitcoin has so far weathered many crises, and in my opinion it will manage.

Another bullshit take about Bitcoin is lumping it with other cryptocurrencies or associating it with variety of scams that happened in the crypto industry. I get it that when some exchange goes bust and people lose their money, it doesn’t shine a good light on crypto. Same with the variety of rug pull scams. But there isn’t anyone who can rug pull your Bitcoin if you hold it on a cold storage. These exchanges can go bust, this industry is new and it is a Wild West out there.

To close this rant, buy the dip, this is what I did. This is what I will do in few days. And I really hope the price stays low for few months so I buy again and again. I know it’s going to grow.