Please click the link to listen to the 34th episode of my weekly crypto podcast ‘Two Minute Crypto.’ These are intended to be short, single-topic ramblings on some aspect of the cryptosphere. Comments and critiques welcome.
External Podcast Links
Two Minute Crypto – Bitcoin The King -Are you a Rebel? (Part 1 of 3)
Welcome to Two Minute Crypto – today I’d like to pose a simple question -Are you invested in BTC?
Binary yes, no situation. If yes, all good you can move on to another podcast now if you like. If no stick around. Full and obvious disclosure, I hold Bitcoin – it comprises roughly 30% of my portfolio. Clearly, I’m not a BTC maximalist but it is by far my largest crypto holding and a steadily increasing one too.
My question to you as a presumed crypto enthusiast is – If you don’t hold any Bitcoin – Why is that? Clearly, it’s your capital to allocate in any way you see fit but if you have decided not to invest in Bitcoin that’s a big call and you may want to consider revisiting your decision.
What are the assumptions underlying your decision not to invest in Bitcoin? Whatever these are I strongly advise you to re-examine them. Ignoring BTC is a very big call indeed. Yours to make but you should be crystal clear as to why you are making it.
Here are some commonly cited but nonetheless terrible reasons to ignore Bitcoin:
- It’s too expensive.
- It’s old.
- It can’t scale
- The fees are too high.
- Bitcoin maximalism is wrong and bad for the industry as a whole.
A rebuttal of each of these points is beyond the scope of this episode but the next two parts of this series will briefly examine each in turn. In any case, I urge you to take some time to re-assess each and every one of these reasons if they currently factor into your decision not to hold any BTC.
Ultimately, Bitcoin is the cryptocurrency most likely to succeed. It is the only truly decentralized, non-censorable network with a demonstrated history of security and resilience married to a global brand. Every other crypto is a promise of such qualities. Perhaps many of them will deliver. It’s why the majority of my portfolio is, in fact, invested in altcoins. However, if I were forced to choose – I would choose Bitcoin. I hold a substantial position in EOS, Cardano and many other blockchains but in my opinion, none of them approach BTC for resilience and macro-economic potential. The deeper I delve into the crypto market the greater my certainty that BTC is the fundamental pillar of the entire space. Sure, it a safer bet, but that’s the whole point, part of your portfolio probably should target comparatively safe investments.
My somewhat long-winded point here is that by all means make an educated decision not to allocate funds to Bitcoin but realize you are making a contrarian call and at least, in my opinion, a somewhat improbable one.
Thanks for listening.