Confession: I hate Bitcoin...but...
For years now, I've been anti-crypto. I've called it a Ponzi...I've compared it to tulips...I've found pleasure in the markets grinding down over the past year. I've hated all the cryptards with their rocket emojies and asking "wen moon?". I'm a metal stacker. I love gold and silver. But despite all of this, I just bought some Bitcoin, and here's why.
First off, I want to give a shout out to my man Jerry on Youtube. He too is a metal stacker. He too is a patriot. But unlike me before today, he owned Bitcoin and considers himself a Bitcoin ambassador.
While I still do not think that Bitcoin has intrinsic value, it's not really the intrinsic value that is important here. Like gold and silver and other hard assets, the premise behind Bitcoin is to opt out of the "doll hair" system. Objectively, it makes little to no sense to hold any substantial amount of money in cash/dollars. The government excess and debt policy will inevitably fail. This is a massive alignment with the metals community, and common ground on which I can build.
And though I love metals, we do and will continue to live in a digital age. The longer I've stacked metals, the more obvious it has become that that we will not transact in metals again. Bitcoin makes me uneasy because I cannot physically touch it, but I see its transaction value. And while I do foresee CBDCs and overregulation/restriction by the government, metals and Bitcoin together can provide a risk-diversified portfolio that enables individuals to protect their wealth from multiple possible scenarios that spell doom for the dollar.
For that reason, I will be moving towards a 50/50 metals/Bitcoin portfolio outside of 401k/Roth/HSA investments. All other income not directed to tax-advantaged accounts will go to metals and Bitcoin (and no other crypto). Diversification is important as we must prepare for all outcomes. We do not know how long the dollar system will remain, thought we do know that it is eventually going to fall and must prepare for that, as well.
Anyway, this is a long-winded way to say, I've spent a lot of time shitting on crypto, and most of that is still valid. However, there is a laudable goal in Bitcoin, despite the clownery of the rest of the crypto world. There is greed in every asset, but many of us are just trying to make it through the awful mess we see coming. Thank you.