There is a meme among bitcoin holders saying that: “Im in it for the technology. It is not for nothing a meme, most of them have bitcoin because they only care about the price of the digital asset and trade them for profit.
Escaping bad governance
Bitcoin’s concept, born during the 2008 financial crisis, was to take on the conventional financial sector. The goal of the mysterious creator of Bitcoin, Satoshi Nakamoto, was to create an alternative for people who want to escape from a bad monetary policy.
And this function is particularly relevant now that central banks and governments are once again rescuing large corporations. Nowadays, we see more and more people saying that buying bitcoin is a form of peaceful protest.
Changpeng Zhao is a proponent of this ideology. But Ethereum founder Vitalik Buterin says that the possibilities of cryptocurrency go beyond financial reform. Buterin argues that the advent of blockchain can lead to much more power to the people. He says the center of gravity should be that bitcoin and other cryptocurrency do not censor.
Price comes first
But as the title may have suggested, most attention and interest is in price speculation. A popular crypto analyst comes up with an uncomfortable truth (at least in his eyes).
Everyone has a price. The only reason you own this asset is to sell it for more US dollars than you bought it for. If you truly were “Against the system”, you would be indifferent to price, as you do not care about the dollar valuation. – ChimpZoo @ThinkingBitmex
In the end, most people are worried about the outcome. Money is the biggest motivator, and the interest in bitcoin may always revolve around the ability to make profit and grow in value. But as many responses to that tweet also say that the current dominant unit of account is the dollar, but it’s actually about the increase in purchasing power.
If bitcoin wants to strengthen its grip on the world and become a widely used instrument, it makes sense that price is one of the main drivers. But in the long run, only the protocols and valuable use cases can make bitcoin a sustainable success.