Since Bitcoin was created there were always dreams that one day it would gain mainstream adoption, be worth millions of dollars, and potentially even become the world reserve currency. We felt we knew the final destination, but we didn’t know how we would get there.
Over the years theories have come and gone and even reappeared. The first was that Bitcoin would be used trustlessly for peer-to-peer transactions. Being able to use it for everyday purchases such as coffee. Then the narrative changed into Bitcoin becoming more of a preservation of wealth asset similar to gold. Where users were more interested in simply buying and holding it. Then came the idea that Bitcoin was a hedge against inflation. While all of this was successful in one way or another, it also had drawbacks. The truth is that Bitcoin continues to evolve over time, and we don’t even know what it will become yet. In fact, Bitcoin is less than 15 years old, which means that it is still only a teenager in its lifespan.
However there is one key characteristic of Bitcoin that is changing in the minds of people, and this very well could be the straw that breaks the camel’s back. The factor that sends Bitcoin over the top, and causes a FOMO rush unlike anything we could have ever imagined.
In the past, there were two different mindsets toward Bitcoin. In lesser developed and corrupt countries; Bitcoin was thought of as an escape valve. A lifesaver that could protect their wealth and freedoms. However, in the West, it was merely thought of as a speculative investment. Hoping the number would go up or down.
That is beginning to change.
The first sign of this change was at the beginning of 2022 during the Canadian trucker protests. Canada, traditionally thought of as a peaceful and understanding country, began freezing the bank accounts of truckers and people who participated in the protests. All of a sudden people in the West began to wake up to the fact that this sort of thing can happen to them. While there were some mistakes made, Bitcoin was given to these people who had their accounts frozen and were a lifeline. In fact, this event woke US Presidential candidate Robert F. Kenney Jr. to how important Bitcoin is.
Finally, the second event that has woken up an enormous number of people to Bitcoin’s true value is the banking crisis. Banks began collapsing left and right, and people lost access to their funds. While the US government has rushed in and claimed that they will back all deposits in banks. The truth is that their FDIC insurance fund is quite small, and this isn’t sustainable. If the government backs these deposits, they will be forced to print incredible amounts of money. Causing the debt to rise, inflation to increase, and America’s problems to become even worse.
During this time, people once again began to understand how important it is to have an asset that they can maintain full control over. That they are able to take self-custody and send it to anyone they want, anytime they want. Bitcoin is an escape valve from the fiat monetary system. In less fortunate countries people are able to immediately understand the value that Bitcoin presents, and how it could be a lifesaver. Due to problems finally coming to the West, they are finally waking up to its value as well.
How about you? What do you think will finally cause Bitcoin to take over?
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