Crypto Enthusiast Tells People Why People Will Buy Bitcoin Because It Makes Them Money vs Ideology
Brendan Bernstein is a founding member of Tetras Capital Partners, LLC, an investment manager focused on investing in cryptocurrencies and blockchain assets. Recently, in a Tweet, he made the point that mass adoption of Bitcoin will mostly be due to greed and not altruistic reasons such as breaking up the monopoly of big institutions.
All BTC needs to succeed is human greed & reckless govt spending
People will buy BTC bc it makes them money. Not bc of some ideology
Spoiler alert: greed isn’t going away and the MMT fughazi will just push more people into the hardest money that’s ever existed
— Brendan Bernstein (@BMBernstein) February 12, 2019
Is Greed Good?
Greed, though an imperfect force, is the only consistent human motivation and produces preferable economic and social outcomes most of the time and under most conditions. Whereas altruism is a mature and refined capability, greed is a visceral and democratic impulse, and ideally suited to our dumbed down consumer culture.
Like it or not, our society mostly operates on greed, and without greed would descend into poverty and chaos. Indeed, greed seems to be the driving force behind all successful societies, and modern political systems designed to check or eliminate it have invariably ended in the most abject failure.
In one of the most iconic lines in the 20th-century film, Gordon Gekko in the film Wall Street says:
“Greed, for the lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.”
“Bitcoin and other bitcoins cannot be successful unless they bring in the human greed factor in on a large scale. Bitcoin brought a sound ideology and did us all a solid understanding of the weaknesses of our current system but that will not concern the users as much as their double or triple return will. People will buy bitcoin only because of the money.”
He has a point. We saw the biggest surge in Bitcoin adoption towards the end of 2017 when the prices were skyrocketing. So the next time, either when the price increases manifolds or when the traditional finance collapses, we can see the incentive for mass adoption of the technology.