Op-Ed: Why I Believe Bitcoin’s Price Plunge is a Good Thing
A common refrain when people hear that I first embraced bitcoin in 2012 is, “I bet you’ve done quite well.” The truth is, I haven’t.
Honestly, I’ve never been much of an investor or saver. Instead, I prefer to live on the edge, in mystery and paradox. Therein lies my approach with bitcoin which I view as nothing more than an uber-efficient means of paying my rent, purchasing groceries, an occasional dinner out, book purchases and yoga classes.
Some see my ways as outright insane, particularly in light of the rise of transaction fees in recent months. Others view my experimentation as courageous, expressing envy at my willingness to give the middle finger to big banks.
I, for one, find myself annoyed at all of the frenzy around prices. Just the other day, my new neighbor asked if I could provide him with some advice and direction on selecting the next big crypto now that bitcoin has tanked. Guess he didn’t get the memo that I have little patience for these sorts of questions.
There is one phrase to describe my sentiments regarding the precipitous fall in the price of bitcoin? I’m delighted. And here are a few reasons why:
For starters, anyone with an ounce of sense should have been able to see that the massive bull run of 2017 was completely unsustainable. In my opinion, this development suggests nothing more than pure greed. So I believe at some point we’ll look back and see that this price pullback was a blessing in disguise for Bitcoin’s future.
Second, Satoshi Nakamoto must be rolling over in his grave watching his vision of a P2P currency get lost in price speculation. Frankly, after I gave the middle finger to Well Fargo and traditional banking, the opportunity to cheaply and securely transact in a peer-to-peer manner was the reason I jumped onboard the bitcoin bandwagon. Now I’m hopeful that this price decline will give us reason to pause and revisit Satoshi’s original intent.
Third, I believe bitcoin’s price more than anything may simply be a sideshow to a looming global economic reset. The good news here. As traditional investments like stocks begin to get slapped down amid their own bubble, I believe growing numbers of people will seek out or return to bitcoin, hopefully, this time with a more realistic view of price dynamics.
As my old friend Willie Jolley is fond of saying, “a setback is a setup for a comeback.” Is this an accurate view of bitcoin? Only time will tell.