I Won't Put A Dime In Bitcoin Until The U.S. Government Backs It
Bitcoin crossed over $19,000 today, but many skeptics seem to simply be doubling down. I thought it would be interesting to post an article asking Bitcoin enthusiasts to share the strangest reasons they have heard for not buying Bitcoin. As an example, I have an acquaintance that is very intelligent, very wealthy, and has plenty of money in the stock market. While discussing Bitcoin with her recently I said, "Why not just put in a few hundred dollars?" She replied, "I won't put a dime in Bitcoin until the U.S. Government backs it." I laughed out loud, but in my mind these kinds of comments are an encouragement to me that we are still in the very early stages of the Bitcoin revolution. It is very much reminiscent of the attitude in late 90's early 2000's that many people had about the Internet and social media.
I was at a retail establishment last weekend and jokingly asked the elderly cashier if I could pay in Bitcoin. She looked up at me and said, "What is that?" The cashier in the next lane yelled out, "It is that fake Internet money that is worthless." I burst into laughter as I headed out of the store to my car.
Perhaps the most convincing piece of evidence of how close we are to a wider acceptance of Bitcoin is the below chart from Google Trends. The chart tracks how many searches there are for a given word, in this case 'Bitcoin.'
At this point, I simply won't engage or debate anyone on the subject of Bitcoin anymore. I am just happy to see my own Bitcoin and alt coins continue to skyrocket in value. I have come to a sort of peace about it. That is to say, some people are able to see this opportunity now, and others won't be able to until a few years down the road.
Another odd story is that of one of my relatives. A few months ago they called me with several questions about bitcoin, and I had no idea until recently that they bought 10 Bitcoin at the $2,000 level. Wow, are they happy with me now! Some people get it, but most do not (at least not yet).
What reasons are people giving you for not investing in Bitcoin? Post a comment below and we can really have some fun.
James L. Paris
Chief Instructor
BitcoinWorkshop.US
How about “It’s not backed by gold like the US dolla.”
I have too much hart to tell them the reality.
You are not obligated to help idiots that are not willing to take time to learn a minimum set of facts about fiat currency.
they say bitcoin is bubble and will blow off soon
I do believe that BTC is currently in a bubble of people pushing this bullish trend, having said that after a rebound it will certainly go higher!
And the funniest thing is probably that you are buying something that doesnt exist (like money on our bank account is more than a number on our computer screen).