Earlier this week I attended the BTC Prague conference and a key point was brought up in the keynote speech by Michael Saylor. He presented his ‘21 Rules of Bitcoin’ which provided fantastic insight and perspective on the world’s future money.
He raised the issue that most people won’t understand Bitcoin until their circumstances require them to. Successful traditional investors and the rest of us who have a comfortable life, without material hardship - a large portion of Western civilization - have no need to look at the next ‘shiny thing,’ because overall, life is pretty good.
On the other hand, huge numbers of people in nations like Argentina, Venezuela, numerous nations across Africa and elsewhere who live under extreme government ineptitude ‘get’ Bitcoin because they have a dire need to protect their purchasing power from hyperinflation.
When your life and that of your family depends on retaining the value of your labor, you look around for solutions to that end. Bitcoin currently presents a life raft for millions and in the future, billions.
This isn’t to say those of us in better situations don’t need protection from inflation, but most are either unware or only starting to realise what is happening to their stored value. As governments worldwide continue to muddle themselves into rising inflation, hyperinflation, mountains more unrepayable debt and even war, in the future, everyone will turn to Bitcoin out of necessity.
For many of us in the comfortable Western world, it will take longer, but as the realization that the bond and stock markets are steered predominantly by money printing dawns on them, and that outperforming the benchmarks will become both difficult but imperative, and their hard work is being devalued more with each passing year - the solution they need will become apparent. Bitcoin.
For each of us it will be a different time, reason and price. ‘Everyone gets Bitcoin at the price they deserve.’
More people are coming to this conclusion every day.
Recently Semler Scientific followed the lead set by Saylor’s MicroStrategy in adopting a Bitcoin treasury strategy and has begun issuing debt to convert the funds to Bitcoin - effectively performing a Speculative Attack on the US Dollar.
Borrowing billions of dollars at low single digit interest rates and converting it into an asset that appreciates at an average annual historical rate over 50% is a smart move, especially if you’re an early adopter. Saylor discussed this specifically in a separate fireside chat in Prague.
You can check out his full presentation here:
So the question for you is; at what price will you ‘get’ Bitcoin?