We all know about these people; the CEOs, the investment bankers, they are all over TV and financial magazines talking about how Bitcoin is a bubble. It is quite frankly amazing that these people still exist. What is even more amazing is that many of these people are at the executive level. Consider this: these people have been claiming that Bitcoin is a fad for more than 6 years now, and despite being proven wrong for 6 years they are sticking to their guns. When Bitcoin crashed all these people came out with their “I told you so” views, but were quiet when it bounced back. Every time the price goes even a bit down, this cycle repeats itself. This begs the question; why do these people think the way they do?
The Reason They Are Who They Are
Some people unfairly paint these people as evil or as being intentionally misleading. However, we need to realize that this isn’t the case; these people aren’t trying to make the Bitcoin go away. They genuinely think that Bitcoin is a bubble that will burst soon. The reason they think the way they think is directly tied to who they are. These are the people who are experts in our current financial system. If you want to ask anything about the current financial markets, if you want to succeed in today’s world, these are the people you should be listening to. The problem is that Bitcoin isn’t a part of the current financial system.
Bitcoin is a Paradigm Shift
Bitcoin represent a new financial system; one that is run by the people and isn’t controlled by any government or limited by regulations. This is something which these people cannot even think about. Their thinking has been molded by spending decades in the current financial system. They cannot think about life outside the current system the way a fish cannot imagine life outside of water. Imagine a mammal going to the fishes and telling them to step out and come to the land. The fish will think it is a terrible idea, and for the fish it is indeed a terrible idea. For the rest of us, however, coming outside water and stepping onto land worked out pretty well.
Every technology is considered a fad in the beginning
The funny thing is that this isn’t the first time this is happening. When the internet first launched people thought it may have some uses but they didn’t think it was a big deal. When ecommerce first started getting popular people said it was a fad. They claimed that buying something online could never match the experience of walking into a store and checking the product before buying it. Look at how wrong all of these people were. Whenever there is a new technology there are Luddites around claiming that it is just a passing fad. You and me know better, because we think in terms of the future, but not these people.