Bitcoin mass adoption, contrary to popular belief, will not occur by “educating” the public. Instead, this transition will happen naturally as young generations become increasingly familiar and confident in this technology.
Not Understanding Bitcoin is Their Job
Let’s face it. Bitcoin’s biggest naysayers are typically in their twilight years, unlike most Bitcoin users and investors. Paul Krugman, Warren Buffet, the head of the Bank for International Settlements, Agustin Carstens, for example, are all over 60 years old.
But don’t hand them a copy of The Bitcoin Standard just yet. You see, not only is their time running out, but their credibility actually depends on them not understanding Bitcoin.
It is, therefore, doubtful that these geriatric gentlemen will change their minds anytime soon after they called it everything from a Ponzi to “rat poison squared.”
“Cryptocurrencies do not fulfill any of the three purposes of money. They are neither a good means of payment, nor a good unit of account, nor are they suitable as a store of value. They fail dramatically on each of these counts,” Carstens said in July, warning young people not to create their own money.
Yes, Bitcoin is a Threat
But every new disruptive technology has faced harsh criticism from incumbents whose predictions now seem so obviously wrong in retrospect. Some notable examples include William Orton, President of Western Union, who stated in 1876:
This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication.
President of the Michigan Savings Bank who advised Henry Ford’s lawyer, Horace Rackham, not to invest in Ford, said in 1903:
The horse is here to stay but the automobile is only a novelty — a fad.