Best Arguments Against Bitcoin

Let’s be honest, folks. Bitcoin. It’s the digital disrupter that everyone loves to hate (or, if we’re being charitable, cautiously misunderstand). But before you jump on the “Bitcoin is bad because reasons!” bandwagon, let’s delve into the most common criticisms and expose them for the flimsy fears they truly are. Note – this is just a quick rant if you’d like to read more click the links below for more in-depth articles.

#1 Arguments Against Bitcoin: Bitcoin Isn’t “Real” Money

Ah, yes. The classic. This one goes about as deep as a kiddie pool. Here’s the thing, cupcake: money is a social construct. It’s valuable because we all agree it is. Ever wondered why a green piece of paper with a grumpy-looking dude is worth anything? Social contract, my friend. The same applies to Bitcoin. It’s scarce, secure, and globally accessible. Sounds pretty darn “real” to me.

#2 Arguments Against Bitcoin: Bitcoin is for Criminals and Drug Dealers (cue ominous music)

This trope is about as tired as your mom’s jokes. Cash is still king in the criminal underworld, precisely because it’s anonymous. Bitcoin, on the other hand, leaves a permanent, traceable record on the blockchain. Not exactly the ideal getaway car for nefarious activities.

Read more about if Bitcoin is for criminals.

#3 Arguments Against Bitcoin: Bitcoin is a Massive Energy Waster (Greta Thunberg intensifies)

Yes, Bitcoin mining does require energy. But here’s the twist: a significant portion of this energy comes from renewable sources. Additionally, the Bitcoin network is constantly innovating to become more efficient. Besides, is anyone pointing fingers at the energy-guzzling data centers supporting, you know, every cat video you watch?

All metrics point to successful civilizations that add humanity to the world using more and more energy. The future needs more energy usage (albiet clean energy) NOT LESS! And that’s the beauty of Bitcoin. Bitcoin incentivizes the production of cheap energy which often takes place in locations that would be a waste because they are too far removed from large city centers and high-demand energy areas.

Read about why Bitcoin is ultimately an ESG asset.

#4 Arguments Against Bitcoin: Bitcoin is Just a Big Bubble Waiting to Burst

The beauty of Bitcoin is it doesn’t care about your financial FOMO. Regardless of price fluctuations, it remains a revolutionary technology with the potential to transform our financial systems. Bitcoin has continually turned speculators, into educated freedom maximalists through he beauty of self-interest!

Besides, did you really think an innovative money that will change the world would simply up and two the right in a linear (financial planner approved) straight line at say 15% per year? Probably not.

So, What’s the Point?

Bitcoin is more transparent and accountable than the current financial institutions many of us seem perfectly happy to hand our hard-earned cash to.

The best arguments against Bitcoin just don’t hold up, especially if you are willing to take a look under the surface. Why do people cling to them? The fact of the matter is people are afraid of change, afraid of admitting they are wrong, or just plain have an agenda that doesn’t jive with the Bitcoin narrative.

Here’s the bottom line: Do your own research, folks. Don’t be afraid to challenge the status quo. And for goodness sake, stop clinging to fear as a financial strategy. The future is full of possibilities, and Bitcoin is a part of that conversation.

Please read our disclaimer here regarding investment advice and risk. Disclaimer: This should not be construed as or relied upon in any manner as investment, legal, tax, or other advice. Please consult an appropriate tax or financial professional to understand your personal tax and financial circumstances. I may get compensated by some platforms mentioned below (because of referral links). Do your own research.

Sources

Forbes: Why Bitcoin mining might Actually be Great for Sustainability https://www.forbes.com/sites/digital-assets/2023/09/21/why-bitcoin-mining-might-actually-be-great-for-sustainability/