With the dramatic rise in the price of bitcoin, investors and major news outlets are again taking notice of the digital asset that has struggled to find a mainstream niche. A niche bitcoin has managed to fill is the counter-culture digital libertarian desire for autonomy in all facets of existence, including the monopoly enjoyed by governments in printing money. Referencing many political writings, bitcoin believers have long held bitcoin as the promised answer to government overreach, with some going so far as saying bitcoin can end all wars. Though backed by a younger crowd, bitcoin has stepped into familiar territory as that of an older investment oft-cited by counter-culture wonks and theorists: Gold!
Investors who cite gold, physical in your hands (or buried in your survival bunker) metallic gold, are referred to as gold bugs, and stereotypically possess certain characteristics: mistrust of the government, belief in certain conspiracies to undermine the economic system, disdain for many mainstream economic theories, and hostility toward anyone critical of their beliefs. Sound familiar? Bitcoin believers have tapped into this generation’s same skepticism toward governments of all types, the economic system, and the authenticity
Read more ... source: CoinReport
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