Shortly from last week – trust in Bitcoin
3 min readVitalik Buterin, ETH inventor, posed a question to his community on Twitter on January 13th. It was about a fictional scenario in which you wake up in 2035 and 80 percent of all transactions and savings are concentrated in one currency (except ETH). Consequently, Buterin wanted to know which money his followers would prefer and presented four candidates: Bitcoin (BTC), US Dollar (USD), Solana (SOL) and Cardano (ADA). At the time of writing, the results for the 600,697 people are surprising:
Poll for Ethereum community. You wake up in 2035, and 80% of all transactions + savings in the world are in one currency that is not ETH. Which would you prefer it to be?
— vitalik.eth (@VitalikButerin) January 13, 2022
Who would have thought that ETH supporters would give so much encouragement to Cardano, one of their worst rivals.
BTC is the future of the internet
The fact that Michael Saylor is a staunch supporter shouldn’t be a secret. He communicated that MicroStrategy CEO once again loud and clear when he joined on January 13th CNBC was asked if his confidence in BTC had been shaken by recent trends. His response was, “In my entire career I have seen nothing more compelling and unstoppable than BTC.”
One of the reasons for his attitude is that, in his eyes, BTC is property from which one can assume that its value will increase in the future. This is in contrast to currencies that are designed in such a way that they are bound to lose their value over time.
According to Saylor, people in developing countries in particular, whose (government and monetary) systems are far less balanced than those in the USA, would be interested in using the BTC network in the future:
Eight billion people will want to transfer money between their devices at the speed of light. I want to tell you BTC is the asset for this; BTC is the network to transfer at the speed of light… BTC is the future of the internet.
Michael Saylor, CNBC January 13, 2022
Bill Miller III: Half of his private portfolio is BTC
Meanwhile, fund manager and billionaire Bill Miller III caused a stir video interview from WealthTrack admitted to being a BTC bull. In about 30 minutes, he explained his motivation for holding half of his personal portfolio in BTC. He also advised everyone to put one percent of their liquid assets into BTC. Because the prospects are rosy and the risk bearable.
I think the average investor should be wondering what has such a track record in their portfolio. First, it’s very, very underrated; second, it can be a hedge against financial disasters; and third, offers a chance to increase in value by 10x or 50x. The answer is: nothing!
Bill MillerWealthTrack
In this interview he explained that for him BTC is a technological achievement, like the printing press or the steam engine were in the past. Out of conviction in blockchain technology and the upward trend he believes in in the long term, he would buy BTC “all the way down” even if it dropped by 80 or 85 percent.
