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Yes, I am happy about that. But even if Bitcoin had lost all of its value today, I would personally still be putting my money into cryptocurrencies. Cashing out because Bitcoin is going to "crash eventually, it's just a matter of when" is just as ridiculous as putting all of your savings into Bitcoin.
These days, Bitcoin is mainstream enough for every other person to have some sort of opinion on it. People who ridicule Bitcoin claim that the coins have no intrinsic value, are too volatile, and laugh as more people turn their cash money into an ever-deflating virtual currency. It's a Ponzi scheme, a bubble, an engine for money laundering, and any time the price of Bitcoin rises is a good time to cash it out.
On the equally-insane other side of the spectrum, Bitcoin promises freedom from government regulations and a completely free worldwide market. The NSA can't get us if they can't trace our online payments. Satoshi will turn us all into millionaires one day, so buy a few Bitcoins and leave it in a fireproof safe. Your grandchildren will thank you for it.
This graph shows my level of rage over time.
Somewhere in the middle, Bitcoin is a completely valid technology to invest in. Pennies, nickels, and dimes are already archaic. Ideally, we'd have a network that allows us to instantly transfer purchasing power from one person to another without incurring massive fees. In the age of digitization, why are we so uneasy about the gradual digitization of currency?
At the moment, Bitcoin transactions are still slow and carry a reasonable amount of risk. Bitcoin can be incredibly complicated, and even scary, to use without understanding the technical aspects of the transactions. Bitcoin needed the help of developers and consumer in order to grow, and thanks to its newfound popularity, it now provides a huge incentive for creative minds around the world to be the first to solve its problems. Whether it's Wall Street brokers looking to make a quick buck or small businesses embracing the long term potential of cryptocurrency, any new adopter is a good adopter.
Except for this guy. This guy is an idiot.
But what if Bitcoin crashes? If someone ends up figuring out a way to tag and trace Bitcoins without permission, then we might have a problem. But most people are worried that Bitcoin might end up being the Napster or MySpace of digital currency, which isn't as bad as it sounds. Napster and MySpace made huge strides in their respective markets, and Bitcoin can do the same. If a new cryptocurrency enters the market and replaces Bitcoin, it will no doubt allow current Bitcoin users to exchange their BTC for the new currency.
I'm excited about Bitcoin, but mostly, I'm just excited about the future. Between wearable technology, free fiber optic internet, and self-driving cars, I think Bitcoin is just another step in the digital revolution. It has its hitches and inconsistencies, but what's holding it back the most is the uninformed rejection of the idea of digital currency.
Also, unsolicited financial advice is usually not well-received anyways.
