That's me! I of course heard of it much sooner, but I believed all the FUD for years. The thing is that once you learn about it, and if you agree that the current system is beyond broken, its easy to see the transformative power that bitcoin has.
So yes, I'm sitting on losses for basically all the coins I invested in, but I do fully believe its only a matter of time until it blows past all time highs.
I do of course also take into account that it can come crashing down. If this happens, the reality is that we are truly screwed. You cannot rely on any central bank these days to save the system that they broke. There is also no incentive for them to do so, unless of course they act in the best interests of the majority of the population, which is after all what the government is supposed to do, right? I don't believe the future will be authoritative government. It was only possible in the past because huge populations were kept in the dark. Information is available to everyone now, and once people learn to navigate the difference between wokeness and truth, enough will be on the right track to tip the scales.
So I figure if bitcoin fails and I lose lots of money, the entire system will be that much worse. Perhaps the governments will get into the business of forced confiscation of assets, or maybe central control of every last grain of rice, and this will be all in the name of helping of course. So for me, its a bet that I really can't lose. If bitcoin wins, it means that society will be that much better, and my networth goes up. If bitcoin losses, the future will be fully dystopian, and it therefore won't matter anymore how much money I lost because we will all be truly screwed.
I suppose the uber rich will have by that point fled to non-hostile countries, but I just don't see how any country on earth will be spared if the US goes into full depression mode, China is controlling when their citizens can pee, and Russia is forever at war. Will New Zeland or Iceland really be heaven in comparison?
The best thing for bitcoin would be just a gradual rise in price, with obvious high inflation for fiat currencies. But of course, I think what is more likely is a major announcement such as a peg perhaps of some sort, and bitcoin will be immediately repriced much higher. We have seen these sorts of announcement with the peg of fiat to gold (and it's removal), or the removal of pegs such as the swiss franc I believe it was to some other currency that lost or gained 30% in minutes. There are also random announcements of drastic interest rate hikes, or bans on currency conversion. In Greece, bank depositors got a major haircut over a weekend back in 2014 I believe it was.
I think events like this will be the only way for central authorities to try and save a crumbling system, and once more and more see this, the flight to crypto will accelerate. The final act will be governments actually propping up their failing currency by announcing a peg to bitcoin perhaps.
