They already lost the investing public, the vast majority of whom view Bitcoin as either far too risky or as simply a scam. So now the game is trying to bypass the public completely and lobby politicians to spend taxpayer money to pump Bitcoin, and convincing shyster CEOs to load up their companies with debt to purchase Bitcoin for... reasons that no one can quite explain.
The problem is this doesn't align with the facts:
About 18% of GenZers own stocks and 20% own cryptocurrency, according to the 2024 Policygenius Financial Planning Survey released on Tuesday. For reference, 33% of Boomers own stocks and just 5% own crypto.
The up and coming younger generation (people aged 18 - 35) increasingly (over time) prefer crypto over stocks and real estate. Just as at some point last century you saw a handover from bonds being the dominant investment to stocks becoming the dominant investment and that changed with the newer generations loading up on stocks. This time you are seeing a similar shift towards crypto (including bitcoin).
You have to remember that many people who are 18 - 30 today grew up paying with fiat (e.g. U.S. dollars) to acquire digital tokens or digital items in video games (roblox bucks, mincecraft currency, World of Warcraft gold, League of Legends Riot Points, etc) so for these people buying Bitcoin or Ethereum, etc really isn't such a stretch.
Also no matter how much we all point it out to him Scorpion keeps acting like the only people using Bitcoin (and crypto in general) are speculators and drug dealers. Yes those are se cases of crypto but there are many other use cases also.
For example in Argentina millions of ordinary people use U.S. dollar stable coins to circumvent the capital controls, currency controls and banking restrictions on U.S. dollars (nobody wants to hold onto Argentinian pesos). And in countries like Iran, Russia and Venezuela people use Bitcoin for remittance payments and to settle international transactions, etc. Somebody who wants to expatriate to another country and move 6 figure sums without dealing with all the banking regulations (and fees) can just buy bitcoin stick it on a hard wallet and board their flight to the new country. People fleeing their country during times of war might face problems transporting 6 figure sums of physical cash or gold bullion across the border but they can easily transit that Bitcoin (or other crypto) across the border.
Even within the same country (Australia) if I want to send somebody $1 million dollars in fiat due to transaction limits I would have to go to a bank branch fill out paperwork and then wait hours (or possibly a day) for it to settle and pay a wire transfer fee (around $20 U.S dollars) or I could send somebody a million dollars of Bitcoin and pay a few dollars in gas fees and they would receive it probably 10 minutes later. And there would be no paperwork.
Not to mention that currently there are already bonds and other real world assets that have been tokenized onto crypto networks such as Ethereum. I mean isn't it revolutionary if in the future all stocks, bonds, etc will trade 24/7 in a decentralized manner (by being tokenized onto crypto)? That is a huge upgrade in terms of liquidity and convenience. Not to mention settlement will only take minutes instead of days. In most countries currently stocks trade on a T +2 settlement system meaning it essentially takes 3 days to settle the transaction which is extremely archaic.
Also in terms of decentralized finance crypto is also a revolution. You can post your Bitcoin or Ethereum, etc on defi networks as collateral and almost instantly be able to borrow fiat against it. How many weeks (and not to mention paperwork and fees) would it take you to remortgage you house to get additional cash? It typical takes 4 weeks or longer for the whole process from application to approval to settlement. Hardly convenient. Also crypto allows peer to peer lending and borrowing thus eliminating the margin of middlemen like banks. Also there are betting markets (such as Polymarket) that are peer to peer cutting out the middleman (bookmaking companies).
Also smart contracts such as Ehtereum can be used to settle real estate transactions, etc again cutting out a lot of middle men and making transactions cheaper and faster. Obviously its still in the early innings but within another 10 years it will be commonplace for real estate and car and boat purchases etc to be settled using smart contracts.
At this point in the race Bitcoin is winning in the field of crpyto in terms of store of value and money but other cryptos may end up winning in other niches (betting, decentralized finance, NFTs, tokenization of real world assets, smart contracts, etc). Or it could also happen that all the other stuff ends up migrating to Bitcoin operating on layer 2s over Bitcoin. Its always hard to predict the future.
Even for example payroll could be overhauled in the future and payroll departments could be much smaller with smart contracts paying employees daily and with fast settlement (instead of the standard 1 - 2 business days for traditional banking) because its crypto.
Are you somehow not seeing that the banking system (and by extension fiat which is joined at the hip to the banking system) is a bloated dinosaur ripe for disruption/extinction?
If at some point in the future Bitcoin adoption and network effect start going into reverse etc then it can be questioned but for now it seems to be winning the race for becoming the king of store of value and money. If that changes in the future then I can reconsider allocating to a different asset. But just as with stocks if you buy a winning company and it keeps winning (increasing its sales and profits and market share) then you keep holding it and if it starts getting leapfrogged by competitors then you look at selling. No need to be dogmatic. Currently Bitcoin transaction levels and the number of wallet addresses continue to grow at a good rate so no reason to jump ship yet. Network effect is an important component of what gives money its value. Network effect is also what gives things on the internet their value. Zillow is valuable to sellers of houses because they know a lot of buyers are looking at the listings and its valuable to buyers because it has a lot of listings. People download Whatsapp and Telegram because they know a lot of their friends and family are likely to have it, etc. Its the same with Bitcoin people want it because they know other people will want Bitcoin and thus it will be liquid to transact in, etc.