Giving BTC to People for Promoting Bitcoin’s Adoption Is Pointless
It’s better to teach how to become a Bitcoin HODLer.
Since the beginning of the year 2020, we are witnessing a spectacular change in mindset around Bitcoin. Certainly, the economic crisis that we are currently experiencing is not unrelated to this. Triggered by the coronavirus pandemic, this crisis has once again highlighted the flaws of the current monetary and financial system.
If in previous economic crises, the printing of fiat money out of thin air was limited to tens of billions of dollars, this time we are talking in trillions of dollars.
The Fed and the other central banks have already printed more than 12,000 billion dollars since March 2020. However, things are not getting better economically. In fact, only the discovery of a vaccine and a massive global vaccination campaign will be able to get the economic machine back on track.
It will therefore still take many months.
The Fed and the other central banks are ready to print fiat money ad infinitum
The objective of the Fed and major central banks like the European Central Bank seems to be to continue printing as much fiat money as necessary to keep the system going until the vaccine can be offered to as many people as possible.
Some question whether the Fed will have enough money available to do so. Fortunately, Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, had already reassured us on this point on March 23, 2020:
“There is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there’s enough cash in the banking system.”
— Neel Kashkari
When I say reassured, it’s ironic, since it’s very disturbing to see that Fed members are enjoying printing so much fiat money out of thin air without realizing the real consequences for the majority of citizens.
These central bank actions devalue what a majority of people own
Indeed, this unlimited printing of U.S. dollars is not without consequences.
It constantly devalues the value of the U.S. dollar over time. The purchasing power of $1,000 in 1971 does not even represent $150 in 2020. The American dollar has lost 85% of its value in 49 years.
To keep the same purchasing power, a citizen should have been able to find an investment that would have transformed this $1,000 from 1971 into $6,500 in 2020.
Feasible, but not obvious for the 50% of the poorest citizens who cannot access real estate, gold, or even the stock market.
Bitcoin is the solution accessible to all to fight against this endless inflation
This is where Bitcoin comes in. The digital currency invented by Satoshi Nakamoto a little more than twelve years ago is accessible to the greatest number. To buy Bitcoin, all you need is a smartphone and an Internet connection.
Besides, Bitcoin is divisible up to 8 digits after the decimal point. The smallest unit of Bitcoin is the Satoshi. We have the following equivalences :
1 Satoshi = 0.00000001 BTC
1 BTC = 100,000,000 Satoshis
While the Bitcoin price is currently $16K, a Satoshi is currently $0.000160. As you can see, everyone can afford to buy some Satoshis in 2020.
The real constraint is rather to be found in the possession of a smartphone and an Internet connection.
According to the latest figures I could find on the Internet, just over 60% of the world’s population has access to the Internet. For the number of people owning a smartphone, we are around 45% of the world’s population.
This means that at least 45% of the world’s population can buy Bitcoin in October 2020. With a world population of around 7.8 billion people according to the latest figures published by the United Nations, this means that 3.5 billion people on Earth can buy Bitcoin.
Bitcoin has just reached the 100 million user mark. This gives you an idea of the potential growth that Bitcoin will experience in the coming months and years.
Bitcoin Reaches the 100 Million User Milestone
Nothing can stop the forward march of the Bitcoin revolution.
Some want to accelerate the adoption of Bitcoin by offering some BTC units to others
To accelerate this growth, some people tell me that letting the great monetary inflation show that a solution like Bitcoin is indispensable is not enough. Some propose sending Bitcoin to relatives so that they can be in direct contact with Bitcoin.
This is based on a good feeling, of course.
These enthusiastic people say that the person who receives Bitcoin is bound to become a Bitcoiner afterward. This should logically accelerate the adoption of Bitcoin.
I’m sorry to disappoint those who tell me this, but sending Bitcoin to someone who hasn’t understood for themselves why Bitcoin is revolutionary is absolutely useless. If you send one full Bitcoin to a person, they will have the equivalent of $16K directly in their possession.
If they don’t have complete confidence in Bitcoin, what do you think that person will do?
It seems pretty obvious to me: that person will rush to sell this Bitcoin received to get some U.S. dollars that this person probably believes in more if he or she still hasn’t realized by himself or herself why Bitcoin is a monetary revolution essential for the future of everyone.
I will give you a simple example to support my argument.
Justin Sun gave a Bitcoin to Warren Buffett who got rid of it so early
In the year 2019, Justin Sun, the sulfurous founder of the TRON Blockchain platform, won the auction for a dinner with Warren Buffett. Justin Sun agreed to pay $4.56 million for the privilege of dining with Warren Buffett and exchanging for a few hours with him.
The long-awaited dinner took place in early February 2020.
As you know, Warren Buffett is one of Bitcoin’s strongest opponents. As a gift, Justin Sun decided to give Warren Buffett a Samsung Galaxy Fold in which he had placed a precious Bitcoin.
Justin Sun had just given Warren Buffett the equivalent of $10K stored in a brand new smartphone.
What do you think Warren Buffett did with this Bitcoin?
At the beginning of March 2020, Warren Buffett explained that he quickly got rid of this Bitcoin, which he considers to be “Rat poison squared”. For Warren Buffett, it was not a question of money, but rather a question of principle. Warren Buffett wants nothing to do with Bitcoin.
Warren Buffett Calling Bitcoin “Rat Poison Squared” Is a Great Reason to Buy Some
Bitcoin is a total paradigm shift that is reshuffling the cards.
Whether we give it to him or not, Warren Buffett simply does not want it.
Warren Buffett’s attitude should make you aware of this fundamental truth: if you are a Bitcoiner, you should never try to convey your enthusiasm for Bitcoin by giving it away for free to others.
It starts with a good feeling, but it simply won’t work.
Instead of offering some BTC units, teach why Bitcoin is essential for the future
Rather than doing that, spend time teaching others why Bitcoin is essential. If you can get someone to understand why Bitcoin is essential, they will surely end up becoming a Bitcoin HODLER. They will realize for themselves the importance of Bitcoin for the world of the future.
He will then decide to buy Bitcoin.
This can only work through individual awareness. The adoption of Bitcoin will thus progress individuals by individuals within the general public. There is no need to try to force the issue.
What I have just told you is similar to the famous proverb sometimes attributed to Confucius:
“Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.”
In the case of Bitcoin, this could be translated as :
“Give a man a Bitcoin, and he will sell it for U.S. dollar. Teach a man to become a Bitcoin HODLer, and he will buy Bitcoin for a lifetime.”
To encourage greater adoption of Bitcoin in the years to come, you know what to focus your efforts on now: educating others about money, showing the flaws of the current system, and showing how Bitcoin uniquely responds to them.