Are they delusional, misguided or scared?
Photo by Viktor Forgacs on Unsplash
The Lovers of Bitcoin
For all the ways I can understand why some people seem to hate Bitcoin or view it with suspicion and like it's a scam, I disagree. I see it as an opportunity rather than a threat or waste of time and money. I don't love it as such, but I'm enthused about it and see its potential. The views expressed by those on both sides of the equation are always vocal and extreme when it comes to Bitcoin.
Consider two sets of responses to a recent report published by Citigroup on the future of Bitcoin.
Nic Carter, a well-known crypto fan and venture capitalist tweeted his approval:
Contrast this with the headline of an article featured in the Financial times discussing (and trashing) the same article:
Screenshot by Author - Taken from FT.com
It seems the lovers will keep loving it, and the haters keep hating.
When I’ve shared my enthusiasm and motivation towards Bitcoin, it’s from the perspective of trying to test my knowledge and understanding. I can see that it would come across as evangelising. It’s a measure of my passion and belief in the opportunities Bitcoin presents, rather than from believing others are wrong in how they feel or foolish for missing out — I’ve no desire to persuade those who feel differently to me.
Maybe my conviction means that I’m gullible, careless or technically incompetent?
But I hope I’m also open minded enough to empathise with those who feel differently to me. I think I understand why lovers of Bitcoin are prone to over-compensating. It comes down to a fundamental trait possessed by human beings:
We want to believe that we’re smart, that we’re in the right and that the consequences of a decision we’ve taken will work out for us. We’re basically scared of being wrong and afraid of being shown up as a fool.
Those of us who go to lengths to share our love for Bitcoin are doing all we can to ease the inner pain that comes from worrying it’ll all come tumbling down.
In this excellent piece by Jessica Wildfire, the author points out that the vast majority of Bitcoin investors are young males who “presume to mansplain” why critics who disagree with their perspective are wrong. This too speaks to the likelihood that a great deal of Bitcoin lovers’ passion comes from a place of ego, pride and fear.
At least some of the passion in Bitcoin lovers’ responses to critics is intended to stroke and soothe our egos, and to demonstrate to others that we know what we’re talking about and that we’re in control — even if we know that we’re not.
Confirmation bias is the process that we go through to find information that resonates with our view, that makes us feel good about past decisions and choices and which reaffirms that we're not so dumb after all.
When we’ve taken the bold step of investing in something we’ll do all that we can to quieten the inner-voices of doubt and believe it’ll work out. We want to convince others that we made a smart move, and part of this is to win-round those who have perspectives that disagree with our own.
Convincing them to join us helps alleviate the fear that we’ve made a stupid move. It helps us to feel better about ourselves and our choices if we can convince others that we’re right and they’re wrong. If they aren’t won-round by our logic, it’s easier to insult or belittle them than to let it go.
Photo by Executium on Unsplash
It’s like when we start a new relationship — we want our friends and family to love our new partner as much as we do. If they aren’t impressed, and instead point out the frailties in that person, we want to prove them wrong and provide evidence to the contrary.
When we buy a new television we want to believe we’ve made a good choice and spent our money wisely. We search for favourable reviews of the model we’ve bought and feel good when we find ones that tell us we did well. We reject those that disagree with our choices — they must have been written by cranks and weirdos.
The same is true when others criticise our choice to invest in something that we believe will work out. When they point out all the flaws in our logic and the many ways it’ll go wrong, we go on the defensive and start preaching.
We want to feel smart — we need to feel smart. We certainly prefer feeling smart to feeling stupid, frightened or alone. It can be a scary place to be alone at the cutting edge of technology.
Less hate, less love, more middle
What might make all our lives a little easier, a little more tolerant and mutually comfortable is a simple acknowledgement that we’re all entitled to our opinions. Those who see the potential in Bitcoin and then tell others about it may be doing so out of enthusiasm, or because they genuinely believe it to be an opportunity. They may just be feeling a little insecure and want to bring others along on the journey to help them feel safer and more secure in the investment they've just made.
but Bitcoin won’t suit everyone and that’s okay. The haters don’t need to convince the lovers of the ways their thinking is flawed. The lovers don’t need to persuade the haters that they’re missing out just to appease their ego and inflate their sense of self worth.
It is of course naive to think that such a shift can happen. But no matter which side of the fence you find yourself, maybe consider that we’re all just flawed humans trying to make the best choices we can to ease our way through this life.
Note: This article is for informational purposes only. It should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions.