Most importantly, as so eloquently described by John Vallis in a conversation with Peter McCormack on the “What Bitcoin Did ” podcast, Bitcoin causes us to have a more hopeful vision of the future. Vallis explains how many people are more optimistic with “a greater felt sense of freedom because of the qualities of bitcoin and what using it allows for is causing people to: 1. Take more responsibility and 2. See a different future on the horizon than they had seen before.”
Later in the episode, Vallis said:
“How much of anxiety in life comes from a job, a career, money and all that kind of stuff? For most people a lot … When you’re put in a state of relative deprivation, you’re more susceptible to being corrupted because of your needs, because of your wants, because of all that kind of stuff. But if you’re in a lesser state of deprivation, and that can be a financial deprivation, spiritual, psychological, all that kind of stuff. If you’re healthy, more broadly speaking, I think you’re less susceptible. There is a smaller probability of being corrupted.”
Bitcoin allows us to ascend to a higher version of ourselves, because we feel a level or certainty and are less scared of the future. With a bitcoin standard, these qualities will change society.
Most Bitcoiners I know, including myself, have experienced a transformation since embracing bitcoin. Like most people around me, I used to worry about the future. Today, I feel optimistic about my future self because I know bitcoin will reward me. I can now concentrate on doing what I love, which allows me to bring the greatest value to the outside world. Learning how to utilize bitcoin’s potential has allowed me to focus on what I believe is truly important. This has brought a new level of consistency to my life that keeps me grounded and energized.
Dr. Ammous explained how Bitcoin has the potential to change people on his podcast “The Bitcoin Standard” in a conversation with Tarek El Diwany and Allen Farrington in a way that resonated with me because it reflects my personal Bitcoin journey:
The value of bitcoin allowed me to value myself more. For years now, I haven’t drank or partied and instead put that money into bitcoin. With that refocus, my time preference has completely changed. Instead of valuing things that bring short-term satisfaction, I value things that will make me happy in the long term. Instead of partying every weekend, I understand the value of using my time during the week. I don’t use the weekend to escape my week, I now use it as an extension to accomplish my goals. As Dr. Ammous says in the podcast, Bitcoiners have grand visions of dynasties and building generational wealth.
Many people with fiat mindsets don’t think that far out. Interestingly, those with a fiat mindest don’t understand Bitcoin. They have a very short time preference and only see the day-to-day price fluctuations and not the long-term gains. Fiat people are running on a treadmill that does not allow them to see past the next weekend because there is no easy way for them to provide for the future. With bitcoin, there is. With bitcoin, time preferences lengthen and people can value the future, which allows us to value the present. Whether you agree or disagree with this, I have met a few Bitcoiners that have gone through major mental changes after holding bitcoin for at least five years.
Conclusion
Bitcoin can be a tool to find optimism, if we are willing to use it accordingly. This self-responsibility is at the core of Bitcoin’s philosophy. The first step is to accept that the current economic model we live in is not the best one possible. The next step is to actively use and research bitcoin. This makes you face yourself because you begin to actively engage with the reality you live in and you start to question your own actions. The beginning of the Bitcoin journey might be hard, because of bitcoin’s volatility, which contrasts with the perceived safety of the current system and might be unsettling at first. However, as time goes by (and bitcoin increases in price), satisfaction and security sets in. This can have a positive impact on mental health as there is less tension and worry, which can lead to a more optimistic view of the future.
With bitcoin, you have to learn to deal with uncertainty. Something that actually belongs to being human, but is seen as bad by the existing system. We are used to high time preference. Everything needs to happen fast. A system like Bitcoin, which takes time to evolve, creates angst. However, that is a lesson that teaches you how to be more patient, financially responsible, self-determined and independent — virtues that we don’t necessarily learn through our existing financial system.
Currency crises and political unrest will sooner or later force everyone to get involved with bitcoin, because it offers a better alternative. I hope this article will inspire you to get involved with bitcoin before you are forced into it.
This is a guest post by Leon Wankum. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
