The Bitcoin subreddit and Bitcoin maximalism seems like a cult to me

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by COINS NEWS 23 Views

Almost all the subs members share all the same beliefs and repeat all the same standard lines and phrases like parrots.

They are hostile towards anyone who doesn't buy in to their belief system. They have an ingroup and an outgroup who they might label as nocoiners/shitcoiners/Fiat-lovers etc. They are actually proud of their toxicity and like to say "it's a feature not a bug".

They practice heavy censorship like most authoritarian regimes.

They suffer from some type of persecution complex where govt and financial elites are trying to best to keep the poor man like themselves down in the dirt and control and subjugate them. Many of them are deep into conspiracy theories and conspiratorial thinking which is common in cults as well. They form an us vs them tribal mentality and stay in their online echo chambers.

For some reason they think that Bitcoin (a speculative and volatile asset whose price has been closely correlated to the Nasdaq100 and the S&P500), yes Bitcoin is the answer to solve all of humanity's problems. Financial inequality, human rights abuses, racism, environmental damage etc.

They are almost like a religion. They revere their selfless prophet Satoshi who gifted the world with his invention and never took a penny for himself.

They have to often proclaim their undying conviction in bitcoin and how they will never ever sell their bitcoin because "they get it" they understand some higher truth about bitcoin.

So many of the bitcoin influencers and high priests like Michael Saylor, trader university, Pete Mccormack, Robert breedlove, Dylan McClair, Preston Pysh etc. They all do this in their podcasts and interviews. They tell you that 99-100% of their investments goes in bitcoin. Saylor was even telling people to sell their house and buy bitcoin. I wonder what he really meant by "Bitcoin gives you property rights" ????

Many of them believe in this grand event that will happen sometime in the future. Hyperbitcoinization, where the world will get on a global bitcoin standard and they prepare for this Holy day by stacking sats today. Yeah, I don't think that's going to happen for several reasons.

Personally, I'm buying bitcoin because I'm bullish on the fanaticism of this cult. My thesis is that the fanaticism of this cult will probably never end. They will always be able to recruit newer cultists with their utopian delusions. Bitcoin is just another narrative driven asset and really it's just a belief system at the end of the day.

submitted by /u/experiencenonsense
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