@ Sooly⚡️سولي
2024-12-16 16:38:53
Brett Scott’s recent [metaphor of Bitcoin as a wrestling gimmick](https://www.asomo.co/p/the-art-of-crypto-kayfabe), reliant on hype and dollar-dependence, reduces a groundbreaking monetary innovation to shallow theatrics. Let’s address his key missteps with hard facts.
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### **1. Bitcoin Isn’t an Asset in the System—It’s the System**
Scott claims Bitcoin competes with stocks, bonds, and gold in a financial "wrestling ring." This misrepresents Bitcoin’s purpose: it’s not an investment vehicle but a *decentralized monetary network*. Unlike assets, Bitcoin enables **permissionless global value transfer**, censorship resistance, and self-sovereign wealth storage—capabilities fiat currencies cannot match.
**Fact:** Bitcoin processes over **$8 billion in daily transactions**, settling more value annually than PayPal and Venmo combined. It isn’t competing with assets but offering an alternative to the monetary system itself.
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### **2. Volatility Is Growth, Not Failure**
Scott critiques Bitcoin’s price volatility as evidence of its unsuitability as "money." However, volatility is a natural stage in the adoption of transformative technology. Bitcoin is scaling from niche use to global recognition. Its growing liquidity and adoption already make it more stable than fiat in inflationary economies.
**Fact:** Bitcoin’s annualized volatility has decreased by **53% since 2013** and continues to stabilize as adoption rises. It’s the **best-performing asset of the last decade**, with an average annual ROI of **147%**—far outpacing stocks, gold, and real estate. As of February 2024, Bitcoin's volatility was lower than roughly 900 stocks in the S and P 1500 and 190 stocks in the S and P 500. It continues to stabilize as adoption rises, making it an increasingly attractive store of value.
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### **3. Bitcoin’s Utility Extends Beyond Countertrade**
Scott diminishes Bitcoin to a "countertrade token," reliant on its dollar price. This ignores Bitcoin’s primary functions:
- **Medium of exchange:** Used in remittances, cross-border payments, and for the unbanked in Africa today (e.g., Ghana, Nigeria, Kenya).
- **Store of value:** A hedge against inflation and failing fiat systems (e.g., Argentina, Lebanon, Turkey).
- **Decentralized reserve asset:** Held by over **1,500 public and private institutions**, including Tesla, MicroStrategy, and nations like El Salvador.
**Fact:** Lightning Network adoption has grown **1,500% in capacity since 2021**, enabling microtransactions and reducing fees—making Bitcoin increasingly viable for everyday use. As of December 2024, Sub-Saharan Africa accounts for 2.7% of global cryptocurrency transaction volume, with Nigeria ranking second worldwide in crypto adoption. This demonstrates Bitcoin's real-world utility beyond mere speculation.
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### **4. Bitcoin Isn’t Controlled by the Dollar**
Scott suggests Bitcoin strengthens the dollar system rather than challenging it. In truth, Bitcoin exists **outside the control of any nation-state**. It offers people in authoritarian regimes and hyperinflationary economies a lifeline when their local currencies fail.
**Fact:** Over **70% of Bitcoin transactions occur outside the U.S.**, with adoption highest in countries like Nigeria, India, Venezuela, China, the USA and Ukraine—where the dollar isn’t dominant but government overreach and fiat collapse are. This global distribution shows Bitcoin's independence from dollar dominance.
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### **5. Hype vs. Adoption**
Scott mocks Bitcoin’s evangelists but fails to acknowledge its real-world traction. Bitcoin adoption isn’t driven by hype but by trustless, verifiable technology solving real-world problems. People don’t buy Bitcoin for "kayfabe"; they buy it for what it *does*.
**Fact:** Bitcoin wallets reached **500 million globally** in 2023. El Salvador’s Chivo wallet onboarded **4 million users** (60% of the population) within a year—far from a gimmick in action. As of December 2024, El Salvador's Bitcoin portfolio has crossed $632 million in value, with an unrealized profit of $362 million, demonstrating tangible benefits beyond hype.
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### **6. The Dollar’s Coercive Monopoly vs. Bitcoin’s Freedom**
Scott defends fiat money as more than "just numbers," backed by state power. He’s correct: fiat relies on coercion, legal mandates, and inflationary extraction. Bitcoin, by contrast, derives value from **transparent scarcity** (capped at 21 million coins) and decentralized consensus, not military enforcement or political whims.
**Fact:** Bitcoin’s inflation rate is just **1.8%**—lower than gold or the U.S. dollar—and will approach **0% by 2140**. No fiat currency can match this predictability. As of December 2024, Bitcoin processes an average of 441,944 transactions per day, showcasing its growing role as a global, permissionless monetary system free from centralized control.
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### **Conclusion: The Revolution Is Real**
Scott’s "wrestling gimmick" analogy trivializes Bitcoin’s purpose and progress. Bitcoin isn’t just a speculative asset—it’s the first truly decentralized, apolitical form of money. Whether as a hedge against inflation, a tool for financial inclusion, or a global settlement network, Bitcoin is transforming how we think about money.
Dismiss it as a gimmick at your peril. The world doesn’t need another asset—it needs Bitcoin.
> "**If you don't believe me or don't get it, I don't have time to try to convince you, sorry**." Once Satoshi said.
**There is no second best.**