While in Denver on a bachelor party for one of my college buddies the topic of Bitcoin had not been brought up during the first 36 hours of the trip. I was a little surprised with that actually since there was a finance guy and another business major there in addition to myself. The other three guys are in the meat processing/distribution/retailing business.
While getting ready to pay for dinner the topic of Bitcoin comes up and if I recall it was myself that brought up the subject. I am always intrigued by what others have to say on the subject. Of the group, 2/3rds of them were cryptocurrency bashers. There was one guy that hated it more than everyone else. The words that came out of his mouth about it were,
It's worthless and it will going to zero.
It is as useful as tulips.
You can't pay for anything with it.
Nobody uses it and they never will.
I like to pay with things with things that have actual value, the dollar.
I like to play along and prod people when they bring it up these reasons, which are backed up by nothing substantial.
He then said, "I'll bet you $100 that Bitcoin will hit $5,000 over the next 6 months as it goes to zero". I am not the gambling type and told him that it very well might go to zero, but to degrade something without doing any research at all is foolish in my opinion. But to each his own.
My favorite part of the night was on our walk home after the discussion ended a while ago, he brings Bitcoin back up when he said,
I'll never forget, one time a two and a half years ago I was at a bar with my buddy and this one guy who looked like a nerd was going around telling everyone to buy Bitcoin.
The funny thing is, the price of Bitcoin over that time was somewhere between $500-$1,000 so the return even to the $5,000 figure he mentioned earlier would still be 5-10x. Not too bad for a worthless investment.
While I was in the shower this morning I was thinking, why do people bash bitcoin, cryptocurrency, and blockchain technology. I am sure there are a ton of reasons behind it, but here are a few that I came up with.
- They have never taken the time to research what it is and how it works.
- They are too arrogant and think they know everything.
- They were told to invest in it at some in the past and did and got burned because they bought too high or they didn't invest and the price increased.
- It is too volatile and there is no reason for something to be so volatile to actually be worth something.
- They see no reason for a digital currency to exist and believe the US dollar will always be king.
Anyhow, back to the bachelor party festivities! I had to stop in here and share this with everyone while it was fresh in my mind! I will have a complete post of the incredible trip to Denver when I get back home!