Friday, February 19, 2021


First, they ignore you, then they mock you, then they fight you, then you win.

Truth begins as heresy. This is simply because no one has said it before. There are distinct stages: it is ridiculed, then violently opposed, then, finally, accepted as self-evident. The quote is often misattributed to the 17th-century German philosopher Arthur Schopenhauer (1788-1860) and the Indian nationalist leader Mahatma Gandhi (1869-1948).

Four years ago, when I was first blown away by an unproven, volatile digital token called Bitcoin, the general consensus was that I had taken leave of my senses as well as a fair bit of cash. ‘It's imaginary!’ ‘It’s a Ponzi scheme!’ ‘They’re digital tulip bulbs!’ ‘Governments could ban it!

None of the above howls of criticism is true, and those responsible for them have yet to admit that they were wrong and missed out on life-changing gains in the early days. Oh well.

Bitcoin is a masterpiece of digital engineering. It is mathematics at its most elegant.

On a practical level, it is now involved in a fight to the death with central bank-issued fiat currency, which, as an inevitable consequence of perpetual, and ever faster, printing, is quickly turning into toilet paper.

Bitcoin is, also, the people’s currency waiting to happen. During the dying days of the Trump presidency, (officially) the most powerful person in the world was banned from using Twitter. In contrast, consider this: the least powerful person in the world cannot be banned from using Bitcoin. All that is required is an internet connection and a functioning memory, either human or computer. Bitcoin is unseizable and unfreezable.

To all the naysayers: it is not too late. The current Bitcoin bull market is still in its early stages. The real eye-watering gains stand to be made later this year, when the gradient of a beautiful parabolic curve (Figure 152.1) inevitably approaches infinity.

Figure 152.1: Who’s afraid of mathematics? Central banks and their government stooges are terrified of it. To quote the legendary Wall Street trader Max Keiser:
Bitcoin has no top because fiat has no bottom.

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Copyright © 2021 Paul Spradbery