Another day, another rich banker publicly bashing Bitcoin. This time, it’s John C. Bogle, founder of the respected mutual fund company, Vanguard. The price certainly seems immune – so expect these assaults to come ever-more frequently in an attempt to slow things down.
Some big names are anti-Bitcoin: John Bogle, Joseph Stiglitz, Warren Buffet, Jamie Dimon… to name a few…
This really shouldn’t surprise anyone. The attacks on cryptocurrency will get far worse than these recent pontifications. Understand why this is expected, and why it shouldn’t affect your hope for the future of crypto.
Why The Hate?
These men do not hate Bitcoin because they are “old”. Grandmas and Grandpas all over the world are openly learning about the blockchain. Some are even investing in Bitcoin. Curiosity and hope don’t just die with age. Take the time to explain the blockchain to an older person – talk about how it can change the world – and I doubt you’ll get a response like Bogle’s.
These men do not hate Bitcoin because they are unintelligent. They are very well-respected. Their opinions are sought specifically because they are admired and others trust in their judgments. Their intelligence should not be in question – in fact, their dislike of Bitcoin should remove all doubt about their cognitive abilities. They understand what’s happening.
These men do not hate Bitcoin because they “missed the gains”. For most of the high-profile naysayers, a little more money from crypto investments wouldn’t have changed their lifestyles. They are surrounded by money. They have piles of money and power over even more piles of money. Fiat money.
They hate Bitcoin because it is a threat. It threatens their piles of fiat money. More importantly, it threatens the power that came with those piles of money. These detractors’ entire lives are bound up in the system functioning as it has always functioned. In that system they are powerful figures – and crypto is a threat to their power and their identities. It is not just a simple threat they can ignore – it appears to be an exponential threat. They understand exponents.
Crypto Doesn’t Require Fiat Approval
If you’re looking for the fiat puppeteers’ approval to replace not just their puppets, but their entire show – you’re not going to be met with open arms.
Your belief or investment in crypto isn’t just a vote for an asset exploding in value in a vacuum… it’s an implicit vote for a more transparent, peer-to-peer monetary system. The former middle-men and their cronies won’t just lose purchasing power; they will lose economic and political power – and possibly even purpose.
They are going to get loud. They are going to get nasty. They will fight for the survival of the status quo. It would be nonsensical to imagine them doing otherwise. Their old system won’t be dismantled as they sit in silence.
The harder they fight back – the closer crypto must be to accomplishing its goal.
That lambs dislike great birds of prey does not seem strange: only it gives no ground for reproaching these birds of prey for bearing off little lambs. And if the lambs say among themselves: “these birds of prey are evil; and whoever is least like a bird of prey, but rather its opposite, a lamb-would he not be good?” there is no reason to find fault with this institution of an ideal, except perhaps that the birds of prey might view it a little ironically and say: “we don’t dislike them at all, these good little lambs; we even love them: nothing is more tasty than a tender lamb.”
-Friedrich Nietzsche, On the Genealogy of Morals
These men understood the order of things – the nature of the fiat system.
Now, the blockchain is taking their lambs away.