Gary Stevenson is wrong about Bitcoin

The former trader and economist has one good point - but he fails to see it himself.

It’s time we tackle one of the most persuasive Arguments against Bitcoin.

Didn’t you hear?

Bitcoin doesn’t exist. It’s just points on the internet.

I made a video recently on my German channel where I was ranting a bit about how people like Gary misunderstand Bitcoin.

They lump it in with all the other "crypto" stuff, and that's just plain wrong.

I hear all these arguments, right?

Like from Gary, who says crypto's worthless. He's got this whole thing about how it costs nothing to make, and it's all just marketing hype. He thinks it's a scam where the creators get rich.

And you know what? He's not totally wrong about a lot of cryptos.

But Bitcoin? Come on, that's a whole different ballgame.

First off, Bitcoin ain't free to make. You gotta burn some serious energy to mine it. That gives it a real, tangible cost that most of those other coins just don't have. Value is a different beast still, it’s subjective - like beauty.

Plus, there's no central marketing team for Bitcoin. The guy who invented it, Satoshi Nakamoto, just vanished. Never cashed in, never tried to pump it up. It grew organically, like a grassroots thing.

Bitcoin's a one-of-a-kind deal. And this is where Gary hasn’t done his homework.

Bitcoin is points on the internet? Ok. But that is massive, isn’t it?

See, Bitcoin is so much ahead of all competitors that it has already established itself as the internet's own points system. A ledger that everyone manages together, and it's created digital scarcity.

That scarcity? That's the magic. It makes Bitcoin a store of value, like digital gold. All those other cryptos? They're mostly just trying to ride Bitcoin's wave.

I honestly think Bitcoin could help fix some of the messed-up stuff in the world. Even inequality. It's a system that's open to everyone, no matter where they are. With its unique characteristics and growing popularity, we’re betting on its long-term success as a way to store value.

Points on the internet. I want some!

All the best, Niko