“Should I Buy Bitcoin?” Will Be the Big Question of the Upcoming Years

Everyone will have to respond individually.

Bitcoin was created by Satoshi Nakamoto at the end of 2008 in complete anonymity. After its launch on January 3, 2009, only a few cypherpunks were interested in helping Satoshi Nakamoto test his revolutionary Peer-to-Peer payment system based on cryptography.

Passionate about cryptography, these cypherpunks were able to test the security of Bitcoin without too much pressure since the general public was not even aware of Bitcoin’s existence yet.

So Bitcoin was able to grow in peace during its first months of existence. Then, innovators arrived eager to discover a new decentralized payment system that proposed a complete paradigm shift from the current monetary and financial system.

These innovators allowed Bitcoin to continue to gain a little more media attention, which in turn led to the arrival of early adopters. The growing popularity of Bitcoin finally allowed its price to exceed $1,000 on November 28, 2013.

From then on, many people started to think that they had missed out on something. They decided to stay out of the Bitcoin revolution because they thought they had missed the opportunity. This decision highlighted their lack of knowledge about the fundamentals of Bitcoin.

With the second Halving of Bitcoin in 2016, a new and very strong bull market set in and drove Bitcoin price up to $20K by the end of 2017. A real euphoria spread through the world of Bitcoin and cryptocurrencies which led to the formation of a bubble around Bitcoin price.

Many bought Bitcoin at that very moment simply driven by greed born out of a strong FOMO feeling.

As the Bitcoin price bubble burst in the year 2018, all those people who had not taken care to understand what Bitcoin really was capitulated and its price collapsed.

The fall in the price of Bitcoin finally stopped at around $3.5K at the end of 2018.

The same people who regretted missing the Bitcoin train at the end of 2017 remained passive even though its price was less than $4,000. Not fundamentally believing in Bitcoin, they didn’t understand that this drop in Bitcoin price was a great opportunity for them to enter the market.

So they saw Bitcoin regain some momentum throughout 2019 as they chose to stay on the sidelines.

Taking action requires a belief in the system that Bitcoin is building for the future. But they don’t. They simply see Bitcoin as a financial tool that can offer big returns.

In a way, they are not completely wrong.

It is true that Bitcoin has allowed to transform $1 invested at the beginning of 2010 into $90K at the end of 2019.

Bitcoin has therefore been the best performing asset of the decade in 2010. And it is likely to be so for the decade of the 2020s as well.

Nevertheless, Bitcoin is much more than just a financial asset.

To have a chance to really understand the Bitcoin revolution, you have to stop thinking only in terms of profit. Some people are struggling to change their approach. These people can never really become Bitcoiners in my opinion.

In the beginning of the year 2020, Bitcoin went back above $10K during the month of February 2020, which made some people say that you would never see a Bitcoin below $10K again.

The rest showed that they were wrong, because you can never predict Bitcoin price in the short term.

The big lesson Bitcoin teaches us is that we need to think long-term with it to take full advantage of the fairer system it builds for the future.