The IQ / System Trust Matrix is great but i think the truth is something even deeper. Fundamentally, they reject Bitcoin because it violates their credentialism and stands to render their hard won position as the ascendant vangaurd and rightful heirs to the status quo of gatekeeping elitism - moot, if not downright silly.
To be a bitcoiner in their eyes is simply to be âstupid and lucky.â To buy (at any price) is stupid, to sell at a top is lucky, to hold through a bear is stupid, to capture multiples of value in the next bull is again just lucky. Remember, in bitcoining âyou didnât đđ€ anything.â To bitcoin, you donât have pass an entrance exam or please some cadre of judges / bosses / high priests - this makes bitcoin base, low, truly in their minds likened to stolen wealth (hence the popularity of environmental anti bitcoin narratives in their ranks).
Of course, they conveniently ignore how many Silicon Valley fortunes - all the people beyond the founders that youâve never heard of who just happened to be middle / upper middle class white nerds born in Palo Alto between 1960-1980 - accrued to the stupid and lucky as well.
Their self-worth is almost irreconcilably anchored to their having passed through the trails of academic blood sport, various âhigh societyâ hazing rituals, and their adeptness at throating the red and pockmarked phallus of Prestige. They have Overseer Syndrome, to the abolishment of slavery, they see only what they stand to loose.
They will not understand until the system turns against them.