Is bitcoin going to zero? Although a seemingly ridiculous statement for its proponents, it’s a contentious debate among mainstream analysts debating cryptocurrencies and the future of blockchain technologies. And while I’m definitely a proponent of the emerging blockchain economy, I also try to maintain objectivity in my research.
Let me say this straight up: I don’t believe that bitcoin is going to zero. Of course, I don’t have a magic crystal ball, so I can’t make absolute statements on events that haven’t occurred. Still, the chances that today’s major cryptocurrencies will implode is likely very small.
The cat’s out of the bag – too many people now know about bitcoin, and better yet, they’re looking to get in, one way or another.
Still, that hasn’t stopped the naysayers to trash bitcoin and other cryptocurrencies. And I think we can stop right here and acknowledge that many, if not most naysayers have a vested interest in the blockchain economy failing. I can’t help but notice that those who want bitcoin to fail are invariably financial dinosaurs: old, white, American.
If you haven’t noticed by now, the international economic and societal paradigm is shifting eastward. Mandarin is the language most spoken in the world by native speakers, at nearly 1.2 billion people. By total number of speakers (both native and non-native), Mandarin and English are tied at a billion each.
Eventually, Mandarin will be the language of the internet, if only by sheer demographic realities. According to Time, whites in several American states are not replenishing their population. And from Census data, we know that whites will become a minority in America within our lifetimes.
How does this relate to the blockchain, and to the concept that bitcoin will likely not go to zero? Simple – Asians dominate the blockchain. Japan is currently the king of the blockchain economy, but I expect it to be dethroned by China once China’s government gets their heads out of their hind quarters.
And from Korea onwards, Asian countries are flexing their bitcoin muscle. It’s a telling sign when a small Korean exchange getting hacked is apparently more newsworthy than the SEC making a critical announcement that bitcoin and ethereum are not investment securities!
For me to believe that bitcoin will go to zero is for me to suspend disbelief that white and European hegemony is not on the decline. But the problem is that clearly, the west is falling apart. Unless whites en masse decide to take up arms and violently protest this dynamic – given the rise of white nationalism, this isn’t completely out of the question – Asians will have a clear road to impose their agenda.
And again, every sign that we’re seeing suggests that Asian people, if not their governing bodies, are rabid supporters of bitcoin, cryptocurrencies, and the underlying blockchain technology.
Bitcoin going to zero? Please. Put. Down. The. Crackpipe.