Bitcoin Scam — What is the Truth?
On 16th December 2020, Bitcoin crossed the $20,000 mark and broke through its previous ATH set in Dec 2017. Back in 2017, many institutions and media platforms spoke ill of cryptocurrencies and labeled them as a scam. Today, I notice that there herds of institutional investors buying up bags of Bitcoin. I see there is a huge shift in the rhetoric around Bitcoin and cryptocurrencies. Why is that?
I even saw BloombergBusiness advertise on Instagram. Are they trying to leverage on FOMO and prime people into buying Bitcoin? See below.
When I saw this advert, in my mind, I was thinking “Only when one has huge bags of it in their pocket, will one be so aggressive in dumping money into marketing to push the price of Bitcoin up. Back in 2017, many were probably heavily invested in stocks, commodities, and other mainstream investment assets such that pushing positive rhetorics for Bitcoin may be detrimental to their own portfolios.”
With this event, I link back to the wise words my mentor shared during his lesson:
What you hear is an OPINION.
What you see is a PERSPECTIVE.
What you feel is your REALITY.
This made me think about how I should define “Truth”. In my own words, maybe the truth is when the majority of the population have the same feeling about something. For example, if the majority feels that the Earth is flat, it is flat. (By the way, we do have a significant group of people living among us that strongly feels that the Earth is flat.)
Building further on the case, there is an on-going debate among meat-eaters and vegetarians on which is better or healthier. What is the truth and who should I follow? There have been studies and research supporting both sides of the story. On this front, I have also heard many stories that these studies and research are backed by their respective industry players. These are the people who will benefit if their rhetoric becomes the truth.
Thinking again, maybe Truth is just money. Whoever has the money to buy influence, will have the power to determine what is true. Right now, we are probably in a time where we get to observe how people with money are going to change the world’s feelings about Bitcoin. Soon, the world might feel that “Bitcoin is the next generation of Gold and we should all hold some Bitcoin to hedge against inflation.”
