Bitcoin fans are used to prejudice and negative headlines. Bitcoin and other cryptocurrencies consume way too much energy and thus destroy the planet, you read again and again.
At least as often, one hears that Bitcoin is a pure speculation object without any value, which in reality only makes rich people richer. And last but not least: Money laundering! Crime! Terrorist financing!
A new addition is now a scientifically more or less well-founded diagnosis that ascribes dark personality traits to crypto enthusiasts who invest on a regular basis with a Kucoin trading bot in 2022.
Many Bitcoin fans are narcissistic, Machiavellian, psychopathic and sadistically inclined, according to a study by the Australian Queensland University of Technology published in the magazine “Science Direct”. It was queried to what extent these traits and crypto investments are related.
Bitcoin Fans React
On the web, the headline that “Bitcoin fans are psychopaths” quickly became a no-brainer in the crypto community. The vast majority took the attribution made with humor and posted self-deprecating selfies and memes.
While Twitter user “Mack” greeted his mother, another user responded by thanking Mack for taking time out while sizzling his cat in the microwave to post this.
While some plan to use their newfound psychopath status at their next job interview at a crypto company, Twitter user “YePapote” announced she would be adjusting her Tinder profile accordingly.
Her match yield should now radically improve, the woman hopes. In the attached profile, she listed her qualities: “Psychopathy, selfishness, inflated ego, sadism, manipulative, narcissism.”
Own T-shirts and Shining
That the study and the headline left over from it could be received in the longer term is also shown by the first T-shirts printed with a psychopath label.
Once again, George Nicholson and the legendary Stephen King film “The Shining” have to serve as memes, which is a good choice for this topic.
In many other platforms and even internationally famous newspapers, Bitcoin has always been a target of instability and the danger of losing your money due to high fluctuations.
Yet, in some ways this has generated more interest from professional traders and investors. They, instead of seeing it as a threat to the global economy, see it as an opportunity.
Some crypto fans, however, also use the opportunity to offer substantive criticism of the existing financial system.
“If you don’t own Bitcoin, you’re sane in the head!” the account “British HODL” posted, addressing the printing of a “bagillion dollars” during the Covid crisis, the now skyrocketing inflation, and the excuse that all related problems were only caused by the war in Ukraine or Vladimir Putin.
Another user, in turn, quoted from the study that attests narcissists have a positive worldview, explaining why the belief in a better future through cryptocurrencies and related technologies is so high among these individuals, “We are narcissists because we have informed ourselves? What don’t I understand about that?”
Various Bitcoin enthusiasts also posted a timeline since 2010 that sums up the opinions of critics over the past twelve years.
From “What is it?” to “Only criminals” to the current attribution “Only psychopaths use it.” What the coming years will bring remains to be seen.
One thing that is clear is that throughout this timeline, both Bitcoin and the other currencies have gone through an increase in value like never seen before.
We are talking about virtual currencies, which went from being worth pennies, to creating some of the youngest multi-millionaires on the planet. Obviously, the most remarkable case is that of Bitcoin, which is defending itself even in the most significant drops of its existence.
Bitcoin Worth a Million Dollars in 2030
While fund manager Cathie Wood of investment firm Ark Invest cites as early as 2030 as a possible date for the one million dollar mark, another analyst at investment firm Van Eck cites an even bolder figure.
Bitcoin could rise to as much as $4.8 million if the cryptocurrency were to replace not only government reference currencies like the dollar, but also gold as the global reserve of wealth in a new financial age.
However, if Bitcoin is “only” used to accumulate liquid reserves in the coming years, which can also be quickly sold again by states if necessary, the investment firm also calculates a value of $1.3 million per Bitcoin.
The calculation is based on the fact that the maximum availability of Bitcoin is limited to 21 million and the generation of Bitcoin by solving mathematical problems is becoming increasingly complicated.
Unsurprisingly, the calculation is based on some major assumptions and contingencies. For example, it remains to be seen to what extent gold’s role as an asset reserve will evolve.
After all, the investment firm also made the same calculation for gold. If gold remains as the sole reserve, the value per ounce could increase fifteenfold to fiftyfold from the current level of just under $2,000 to between $31,000 and $105,000.
China as a Big Question Mark
Aside from the fact that global reserves of wealth can also be divided among several assets, the investment firm believes that much will also depend on what China does in the future.
Unlike Russia, for example, China has relatively few gold reserves. If the economic power decides to invest several trillion dollars in gold or a cryptocurrency, the consequences would be far-reaching.
That the analysis was published about a month after the start of the war in Ukraine and Russia’s subsequent sanctions is certainly no coincidence.
Russia, for example, is currently fighting against the decline of its national currency, the ruble, while at the same time finding it difficult to sell large amounts of its own cash reserves on the international market. How long the dollar will last as the undisputed global reserve currency is also uncertain.