Doc's Daily Commentary
Mind Of Mav
What We’ve Learned As BTC Shoots For $100,000
Bitcoin is on fire.
Just yesterday it hit a new all time high, only two weeks after the previous one. The critics are nowhere to be found. The financial media has fully embraced bitcoin. The largest publication in finance, Bloomberg, can’t stop talking about a bitcoin future. They should be renamed to Bitcoin-berg.
The price of bitcoin is on target to hit $100,000 per coin. There are so many brand-name American companies working with bitcoin now that there are too many to list.
$100,000 bitcoin appears inevitable.
On the precipice of that historic event, here are the important lessons most people have missed:
A secure asset that can’t be created out of thin air is essential for prosperity
The biggest problem with the current financial system run by banks is it’s unfair. You need permission to access it. Access levels are granted based on your net worth.
If you live in Africa, sorry, no bank account for you. If you have less than $1m to your name, sorry, no access to invest in startups. You can gamble at any casino you like though and buy $100,000 JPG NFTs. Just not businesses. They’re too good for you.
God forbid you find a good one that makes money and invest. Can’t have that.
The US dollar runs the world. Most things are priced in USD. And that’s where everything goes up sh*t creek. People say “my house went up” or “the S&P 500 went up.” Only if you measure it in US dollars. And US dollars can be created out of thin air with zero approval needed.
Making you think you’re getting richer is the biggest lie of the modern era.
Listen carefully: you’re only getting richer if you measure assets in US dollars. If you switch the denominator your purchasing power is actually going down.
The greatest thing Bitcoin did was expose this dark side of finance for the public to see. Until then, only a few highly educated finance people knew about it, and they profited off it nicely. Not anymore.
Bitcoin demands the following:
1. Show me the money supply.
2. Prove it to me with code.
3. Make money scarce.
Bitcoin had to be worth trillions of dollars for everyday people to believe its message about money printing. Now it’s reached that figure the idea has gone mainstream, and people have decided to place some of their money in bitcoin. The trend will continue. That trend will drive Bitcoin over $100,000.
Bitcoin is honesty reinvented
The finance industry has been screwing us for years.
They take our money, pay us peanuts, and then lend it out to customers for a large profit. It’s the same model Facebook used to get free content and give users back empty ‘likes.’ Bitcoin quietly said “prove it with code.”
The bitcoin price shows us the high demand for a scarce resource: honesty.
Every transaction on the bitcoin network can be seen. Every transaction on the network must be validated by computers all around the world, otherwise it didn’t happen. Collusion is near impossible, unlike Wall Street.
Bitcoin made lending honest too. You lend your Bitcoin to the network and users can access it and pay you interest in return. The interest you get is fair.
Or you can borrow money against your bitcoin and use it as security/collateral the same way you do when you use the equity in your home to borrow money. The difference with bitcoin is it’s piss easy to unlock your financial energy.
The asset is easily transferred and quick to verify. Try getting a loan against your home. Try shifting around physical assets like real estate. There are loads of middlemen and extra fees and permission you need to seek. Bitcoin is permissionless.
The public has spoken: banks suck.
Show us your Bitcoin. Let us validate. Here’s your cash. Thank you mam.
It’s the canary in the coal mine. It’s the most honest market we have in the country, and it’s telling us that this decrepit … regime is just about to blow up
— Peter Thiel (PayPal co-founder)
Bitcoin saves the environment
So much electricity that is created around the world is wasted. Wrong place. Wrong time. Wrong amount. Power plants, solar panels, wind turbines — all waste power.
Bitcoin mining is how the network is secured and verified. The process involves electricity. Those that provide computers and electricity to the network get paid in bitcoin for doing so (through block rewards — tech jargon).
Previously bitcoin was thought of as an environmental hassle.
Bitcoin turns electricity into digital energy. That digital energy has utility because it powers computer code to verify trust and secure a $1 Trillion+ network that enables individuals’ digital property rights.
Creative geniuses all over the world are now slowly migrating their wasted electricity-generating assets to mine bitcoin when there is no need for their energy. The coolest project takes steam from volcanos and turns it into electricity that mines bitcoin. Smart.
America isn’t going to ban Bitcoin
The biggest risk for bitcoin was that America would ban it or severely limit its use. That ship has long since sailed.
The SEC regulates financial assets in America. It’s run by a guy called Gary Gensler. He says bitcoin is a commodity, and thus he has no issue with it. In fact, America recently approved multiple bitcoin products, i.e., ETFs, that banks can now offer.
Old mate Gary does have an issue with other cryptos. That’s okay. More than half the cryptocurrencies in existence will go to $0 over the long run. That’s the price we pay for innovation. The price is only paid if you don’t do your research and fall for memes and pumps.
China and other countries have tried to ban bitcoin multiple times. They have largely failed. You can’t stop the internet. Bitcoin reinforces that point. Adopt or die.
Bitcoin isn’t designed for frappuccinos
“I can’t buy a Starbucks frappuccino with Bitcoin.”
That’s the biggest criticism I used to get from critics. For a long time I had no reasonable answer . . . now I do. The bitcoin network will have multiple layers. Big transactions will occur on the traditional Layer 1.
The tiny transactions of $5 for a Starbucks frappuccino with whipped cream will occur on Layer 2 and above. Transactions on Layer 2 are bundled together for batch processing later. This reduces cost and keeps the speed of the network fast.
Humans will always solve technological limitations if you give them long enough. Don’t let bugs in bitcoin and crypto make you believe it will die. As the limitations have been resolved the network has become more valuable. That’s how we ended up on the doorstep of a $100,000 price per bitcoin. Nice.
Profit from technological bugs with optimism and patience.
Bitcoin is part one, not the end game
First, hard internet money via bitcoin was created by Satoshi Nakamoto. Then venture capital was disrupted because of smart contracts that allowed anyone to raise money for a startup idea (ICOs for those in the know).
Then the decentralized lending boom happened. Then Axie Infinity showed us the power of crypto gaming. Then NFTs signaled to Hollywood and the art snobs to watch their backs.
While all of this was happening a little baby known as ethereum bubbled away in the background.
First it was used for smart contracts. Now ethereum is decentralizing Silicon Valley and creating a brand new platform for developers to build apps, infrastructure (cloud), LLC organizations, and any piece of technology our minds can dream up.
Bitcoin created the start of an internet revolution. Users want to own their data and the platforms and apps we use. Blockchain allowed the internet to be rebuilt from the ground up, giving data and privacy abusing corporations the largest possible rebuttal.
What is often missed is that other assets like ethereum will rise in price at the same time bitcoin hits $100,000. This result is a sign of the potential of the human race being upgraded through Web 3.0. I expect other crypto assets to rise in value at the same time as bitcoin.
As we approach a $100,000 bitcoin price and the supply of bitcoin available to purchase continues to reduce, remember what bitcoin really did: Bitcoin gave birth to Web 3.0.
The original promise of the internet being decentralized will be restored. The centralized powers will no longer program our lives to the same degree with their algorithms the way they did in Web 2.0. That’s what bitcoin gave us beyond a digital store of value similar (but better) to gold.
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