I love arguing about Bitcoin on the internet. I know it’s dumb, but I can’t help myself. Something about the whole Bitcoin argument really brings out the debater in me.
The main problem I have with the Bitcoin argument is that everyone is wrong! Bears argue that Bitcoin’s price is down since its previous all time high. Bulls argue Bitcoin is the best performing asset since its inception. It is all so dumb because they are both right and will just keep cherry picking stats that support their case.
Bitcoin has a lot of important features to it that bears and bulls like to argue about. Limited supply, decentralization, strong computing network, and so much more. But in reality these features aren’t anything special. You can’t really get past the question of why someone couldn’t just copy and slightly improve it? The flippening could be a very real thing. Limited supply doesn’t stop the flippening!
Sometimes to solve confusion, you only need to return back to the basics. Where does Bitcoin’s value come from?
Speculation is a short term catalyst. Trust is a long term catalyst. The missing piece from all Bitcoin arguments is trust. That’s really all Bitcoin is.
What’s the future catalyst for growth in Bitcoin? Trust.
What’s preventing the flippening from happening? Trust.
Does this guarantee success for Bitcoin? Of course not, trust can move whichever way. However, trust takes time to earn and no other crypto is even close to the level of trust that Bitcoin has. I believe Bitcoin is slowly gaining trust and still has a long runway to keep gaining trust. Eventually speculation will end and trust will take over.