Bitcoin adoption will only come so fast. The majority of people don’t understand money and have no desire to understand money. Frankly, I believe many of them will never learn about money, even in a hyperbitcoinized world. They will use Bitcoin but they won’t understand it.

As a financial planner I work with people every day who invest in stocks, bonds, real estate and a host of other things and have little to no real understanding of what they own. They sound like they understand because they parrot socially normal statements about markets, earnings, inflation. They even make statements about Bitcoin, but most of those statements are negative because 1.they don’t understand Bitcoin and 2. They are communicating they are in the part of the in-crowd because of their views on this particular asset

Most people will never understand Bitcoin or money. Even after they own it they will parrot truth that Bitcoin is uncensorable, in addition to other facts about Bitcoin. They will likely shun risky investing activities and taking on debt when providing advice to friends and family. But they will do this because this is the socially acceptable way to talk about Finance in the future. Most people don’t understand, they just vaguely know the rules broader society informs them to follow. This is not good or bad, it is just what I encounter daily.

People outsource their sanity. If they are engaging in an activity that others in their social circles consider idiotic, they will shy away from it (like buying bitcoin)

Adoption will take time, because the social consensus will take time to shift. But give 2 decades 3 decades and we may be in a hyperbitcoinized world!

Reply to this note

Please Login to reply.

Discussion

No replies yet.