BoBo the Bitcoiner 196: Why people hold onto their Bitcoin

Believe and trust is the most powerful physiological lock-in, just like you believe religion. Once you believe it, you will entrust it with your life.
But fiat money isn’t a believe. It rotates from Italy to Spain, to Dutch then UK and today’s US Dollar. It derives from supermacy powerfulness and force upon the people and the world. The American try to be fair by pegging the USD against gold. But when Nixon de-pegged USD from gold in 1971, the final trust layer is broken with USA saying “I said so” because of its economic and military might.
Unfortunately, the world have no choice because almost all international trade are conducted in USD, all foreign exchange has to go through the Swift protocol, many countries’ foreign reserve are also stuck in USD. Despite the USA start printing money out of thin air. Though no country trust USD anymore, there is no choice.
Now it’s a question of time. Russia foreign reserve has been confiscated by US. China, the BRICs countries are all working their way out of USD dependency. Follow by the Arab states and the African nations. USD is gradually losing its dominant.
Meantime, with the mistrust on USD, the world economy is heading towards stormy weather.
I foresee there are worst consequences. The few mighty and powerful might will try to World War Three is brewing.
I can only think of BTC as the possible answer. BTC belong to the world, it does not belong to any country, completely neutral. Probably that’s the best alternative. It’s borderless.
The only problem with BTC is still early. Only a very small percentage of global people understand, believe and trust BTC. Yet, we can see that 70% of people who own BTC, they hold on for dear life. These are the people who truly believe and trust BTC. When Spot BTC ETF is approved, the door is open, people are just waiting for the regulation to be clear. We will see people freely believe and trust BTC eagerly, not just the American but the whole world.
If BTC is to come to the rescue, it better be fast. I doubt we could survive to the next decade under the current economic uncertainty without a trusted reserve currency. The world will be in a mess.
That’s why people are holding on to BTC for dear life. That’s the only lifeboat.

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