What is the argument that convinced the author to buy and hold Bitcoin forever?

The Single, Ridiculous Argument That Convinced Me to Buy Bitcoin and Hold It Forever

In the realm of investing, I’ve dabbled in Bitcoin (BTC) for over a decade, yet my conviction never extended beyond short-term holds. Its intrinsic value seemed dubious, and its acceptance as a medium of exchange appeared limited.

Value: A Social Construct

Our daily use of dollars exemplifies how value can be attributed to a piece of paper adorned with a president’s visage. Despite its lack of inherent utility, its worth is widely recognized, leading people to exchange their valuable time and resources for it.

Bitcoin lacks such a widespread consensus, but a notion persists of a dedicated group of true believers—cryptocurrency enthusiasts who remain unwavering in their conviction, bordering on the irrational.

The Power of Belief

Critics may argue that these investors are delusional, accumulating worthless digital coins due to their inability to recognize their futility in everyday transactions. While this may be partially true, they overlook a crucial point.

The fervent belief of these cryptocurrency zealots renders them immune to any attempts to sway their opinion. They believe in Bitcoin’s intrinsic value, regardless of skeptics’ arguments. Their unwavering conviction gives them the ability to buy Bitcoin at any price, in anticipation of future appreciation driven by the coin’s limited supply.

Cult-Like Behavior

As with any cult, the Bitcoin faithful practice evangelism and self-fulfilling prophecy. They invest and spread the word, creating a virtuous cycle that propels the coin’s price upward. This dedicated group provides a solid foundation of demand, ensuring a floor for its value.

The Future of Bitcoin

Could the perpetual buying behavior of these evangelists actually drive Bitcoin to ever-increasing heights? Ironically, it’s a distinct possibility. The number of coin holders is constantly growing, and the supply is capped at 21 million. Thus, even a gradual increase in demand will push prices higher.

The argument for Bitcoin’s bullishness acknowledges that its practical usability is irrelevant to its role as a store of value. As long as people believe in its value, it will have value. Given the unwavering faith of Bitcoin’s devotees, I’ve decided to embark on a slow and steady acquisition strategy, believing in the long-term potential of this peculiar investment.