“What the Mainstream Doesn’t Get about Bitcoin” – by Charles Hugh Smith

While I don’t recommend anyone purchase BTC (current price here), I find it not only interesting for its potential future value (more gamble than investment), but particularly useful as a hedge against currency devaluation. I  bought some a few years ago as support for the underlying philosophy of a fiat currency divorced from government printing presses, aka Fed credit expansion. Today, at $3,700/BTC, those few would not significantly alter my financial status or retirement potential if sold, but certainly make it fun to follow.

Charles Hugh Smith makes some very good points about the motivations for the creation and purchase of BTC in this referenced article that mainstream (non)thinkers will likely miss. Bitcoiners tend to be concerned about: unsustainable national and global debt levels, government cash restrictions, capital controls, wealth preservation, distrust of the financial system with concern for its long-term viability, and the next financial collapse of what many recognize as a market of excessively over-valued assets.

BTC may be nothing more than pure speculation and gambling for some. However, many of us that support the cryptocurrency see it as a potential source of safety, diversification, personal control and perhaps the beginnings of the next great disruption that blockchain technologies are introducing. The risks are huge. The technology could fail. Governments could outlaw it outright. It could merely be the modern day tulip bulb frenzy. Regardless, the technology and the ideas behind it are significant. Even if it fails, what comes next is sure to undermine the status quo.

mtr