Many people think bitcoin is useless.
A solution looking for a problem.
“Expensive air”.
When something is abstract and intangible, newly invented and endlessly scrutinized by highly notable people, that assumption is fair.
Ray Dalio, Warren Buffet, and Michael Burry all agree.
“Bitcoin isn’t valuable nor important”.
If that’s true, why are these other guys betting millions on the opposite?
Grant Cardone, Tim Draper, and Paul Tudor Jones.
They all agree: Bitcoin is revolutionary money technology.
So who’s right?
Is Bitcoin pointless?
Or does it truly solve the inflation problem?
Buffet and Burry think centralized control of money is a non-issue, and that inflation is a necessary feature of a healthy economy.
Cardone and Draper think that’s the elephant in the room.
Both can’t be right.
The creator of Bitcoin, Satoshi Nakamoto, clearly stated the motivation behind his invention:
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but history is full of breaches of that trust. With a peer-to-peer currency based on cryptographic proof, money can be secure and transactions effortless, without needing middle-men.”
If Bitcoin is working as intended, instead of a few entities monitoring accounts and transactions, anyone with a computer can verify them.
If Satoshi’s intentions are fully realized, Bitcoin prevents any single entity from increasing the supply, censoring users, or deciding who gets to have an account.
To some, that might be utterly pointless.
For others, it changes the meaning of their existence.
So maybe the real question isn’t “does bitcoin have intrinsic value?”
Maybe it’s “how can it be useful to me?”
With a market cap close to $2 trillion, I think that's worth pondering.
