People are not embracing collectivism because they have accepted bad economics. They are accepting bad economics because they have embraced collectivism.
― Ayn Rand
To most people, Bitcoin is nothing more than an investment; a speculative asset that will yield good returns provided one hodls, at least till it hits the peak of the bull run. To a few however, Bitcoin represents a symbol that is the very embodiment of libertarianism and fin-freedom from the so-called fiat currency that is controlled by a single entity, the government. To the former, Bitcoin is supposed to act as a hedge against macroeconomic events or perhaps, even as a safe-haven asset.
Will it actually act as a hedge and a financial safe-haven asset, especially when push comes to shove?
Most investors in cryptocurrencies and Bitcoin are millennials who grew up with the Internet and rapidly evolving technologies. To them, Bitcoin represents ease of transactions and in a vague sense, ubiquity; to them, it is a respite from banks, cheques, and other mundane ways to access one’s own wealth and nothing more than that. To cypherpunks, it means more; perhaps to Satoshi Nakamoto, it meant something else.
Satoshi’s message in the genesis block hinted at his dislike towards the centralized issuance of fiat money.
Most millennials grew up with it. But, most do not even have the slightest idea as to how this form of money came into existence and why it poses problems.
The History of Money
Throughout the history of civilizations, there have been different forms that money has taken, from cattle to cotton and gold coins to copper coins. Over time, money has morphed into various forms due to market demand.