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Why I only care about Bitcoin - and how I learned to hate the word "crypto"
Bitcoin is the first truly new addition to the field of money for a long, long time. "Crypto" on the other hand is a total wasteland of scams, nihilism and speculation.
I recently published a tweet that got all kinds of emotional responses…
I got called names, people questioned my sanity. Lots of spam in my DMs, someone told me I didn’t understand “the internet” (who does?). And of course: tons of people shilling their own coins, their own bags or both.
I did not expect such an emotional response.
But I do want to explain myself a little.
I think our money is broken. I consider this the most important story of our lifetime. And I’m not alone. When you look closely, this topic has been pretty hot for decades.
Bitcoin is the first truly new addition to the field of money for a long, long time. A scarce, digital commodity that has one function: money. Not currency, money.
“Crypto” on the other hand is a total wasteland of scams, nihilism and speculation. There are almost 19.000 “cryptoassets” listed on Coinmarketcap right now. Anyone can start one of those. How many do you think we need?
I follow a lot of “Bitcoin-haters” on Twitter and Substack. Most of them are clowns who either work for a central bank or have made a career out of hating on Bitcoin. But they have an easy time, because 100% of them just lump Bitcoin together with “crypto” and call it all a scam.
That’s why I started to hate the word “crypto”. Anybody can use it in any way to say anything. It’s the semantic embodyment of inflation. In many ways “crypto” is peak-fiat while Bitcoin is anti-fiat.
There are many differences between the two, Bitcoin and “crypto”. But the main one I see is this:
Bitcoin is a way to fix the money.
Crypto is a way to make more money. A way to frontrun the fiat inflation, if you will. But it’s also a huge distraction.
I know many Bitcoiners who are not going to “sell” for fiat money at any point. And why should they? Bitcoin is the cybermoney of the cybereconomy. And it will only keep growing.
One of the things so fascinating about Bitcoin is that it’s a way everyone can fix money for themselves immediatly. The individual can actually adopt Bitcoin easier than a company or a nation state can.
It’s a bottom up revolution and a way better way to build an economy than top down. I will elaborate on this in the future because it’s truly mindblowing.
The Bretton Woods system of 1944 was the first and only global monetary arrangement built on written agreements. It was also a bit shit and started disintegrating the moment it was started. That’s why calls for a “new Bretton Woods” are so pointless. It didn’t really work the first time around. In fact, it started many problems we have to deal with today.
Of course there will be resistance. Lots of it. This has only just started.
But if that resistance is coming from the world of “crypto”, I can only say this: Noone is forced to concentrate on Bitcoin like I do. Obviously not all of the 18.000 “cryptoassets” are pure or intentional scams, but I personally don’t see the point in spending any time or energy on finding the needle in the haystack.
The way things are right now, Bitcoin is the base currency of the “crypto” world. All altcoins are ultimatly priced in Bitcoin. So from an investors point of view, one could even say that Bitcoin acts like an index fund for “crypto”.
Look, I’m not trying to piss anyone off. I know that most people are just trying to figure this stuff out - just like I am. But before I spend my time writing and thinking about Solana or Cardano, I will use it to cover CBDCs, Gold, the Dollar or the Euro.
Bitcoin maximalism, minimalism or purism, whatever yoo want to call it: it does serve a function. For Bitcoin, the network. And for the individual.
In my case: I want to protect me and my readers from scams and dead ends. I’ve made my mistakes in 2017, now I concentrate on the big boy.