Wondering Why Bitcoin Adoption Is Taking So Long? It’s Because Most People Need To See for Themselves the Need for Bitcoin. Time and events are working in Bitcoin’s favor.
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One hundred million users in September 2020. And now just over 130 million users according to the latest estimates from on-chain data analysis companies. These are the raw adoption numbers for Bitcoin that I just gave you.
These numbers are excellent from my point of view, and Bitcoin’s goal is one billion users by 2030 if the adoption curve remains S-shaped like that of the Internet to which it is often compared.
Still, some grumblers feel that Bitcoin’s adoption is not progressing fast enough. I still get messages from people criticizing Bitcoin and telling me that no one is using it or that its adoption is not going fast enough. First, you have to understand that HODLing Bitcoin is a great way to use Bitcoin.
Second, you have to realize that Bitcoin adoption is not going to be linear. You will have phases of acceleration like 2020 and 2021, and then phases that are a little slower. Nevertheless, I understand the disappointment of some. With a currency revolution as incredible as Bitcoin, it makes sense that expectations are high. They are enormous because Bitcoin is something unique.
Bitcoin is difficult to understand because you have nothing to relate to. It has created its own category
It is the first time that all humans on earth can have access to P2P and encrypted hard money. The Bitcoin system is not controlled by anyone, especially not by central banks who have perverted the current monetary and financial system with their ability to print as much fiat money out of thin air as they deem necessary.
Bitcoin does not depend on any superior entity and belongs to all its users. No one can censor you in your use of Bitcoin. The characteristics of Bitcoin make it a unique game-changer for humanity.
However, many people don’t take my word for it. And that’s a good thing! Bitcoin teaches us to develop our critical thinking skills with the famous golden rule: “Don’t Trust, Verify”.
While I don’t expect you to take my word for it when I write about what Bitcoin is, I do expect you to make the effort to verify it for yourself. And that’s where the problem comes in. A majority of people will not make the effort to check and will just believe the lies propagated by the educational system and the powerful people in charge of the current system.
These people will believe that Bitcoin is dangerous, used by criminals only and that it is a disaster for the ecology.
Those people who won’t do the work of learning more about it themselves will have all this demonstrated over time when the risks highlighted by Bitcoiners become realities. Since the early 2010s, all Bitcoiners have been pointing to Bitcoin’s superior programmatic monetary policy. All with a hard-capped supply at 21 million units no matter what.
Central banks’ endless quantitative easing highlights the virtues of Bitcoin’s quantitative hardening
Many didn’t understand why the fact that 1 BTC today will still represent 1 BTC in 21 million in 10, 20, or 50 years is a unique game-changer for their purchasing power. Some people even said to me in comments: “It’s the same with the US dollar … 1 USD still represents 1 USD 50 years later”.
These people did not understand the concept of the money supply. Now that they’ve seen the Fed print 40% of all the US dollars in circulation over the last 18 months, all these people are beginning to realize why Bitcoin is essential to protect their purchasing power.
Of course, 1 USD in January 2020 is still 1 USD in February 2022. But if you look at it with the M2 Money Supply of the US dollar, you will understand why your purchasing power in USD is collapsing over time:
This M2 Money Supply chart evolution of the U.S. dollar going parabolic in 2020 is explicit enough that many people have begun to wonder about the benefits of hard money like Bitcoin. While the current system is suffering from the ravages of quantitative easing, Bitcoin is highlighting quantitative hardening.
Authoritarian abuses by Western governments highlight the anti-censorship and anti-confiscation weapon that is Bitcoin
In recent weeks, another aspect of Bitcoin has come to the fore: its utility as a global P2P payment system whose transactions cannot be censored. The authoritarian drift of the Canadian government has highlighted the need for people to have a decentralized and permissionless payment system.
Suddenly, tens of millions of people are discovering that Bitcoin is much more than a store of value.
As always, it took the facts to prove the Bitcoiners right for the general public to start opening their eyes. Indeed, I’ve been saying for years that even in Western democracies, our fundamental freedoms are not guaranteed. Thus, we must constantly fight to keep our freedoms. To see the Canadian government ask banks to freeze the assets of people who dared to demonstrate peacefully is a total disgrace.
It raises a lot of questions about the society of the future that is being prepared for us. Once CBDCs are generalized, citizens will be even more controlled and the power of censorship of governments will be even stronger. This is a vision of the future that no one in their right mind can accept. You want to be able to enjoy the fruits of your labor as you see fit.
For that, Bitcoin will be your best weapon.
Final Thoughts
The adoption of Bitcoin will accelerate as the general public opens its eyes to the dangers of the current monetary, financial and political system. No one is safe from inflation, but also censorship. Having an alternative system that is owned by the people and that responds to these emerging needs that will only get stronger in the future is a must. More and more people will realize this in the months and years to come.
The best is yet to come for the Bitcoin revolution.
Some reading
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