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Although the general sentiment of the Bitcoin community and that of the Bitcoin magazine is shaped by hope and optimism, the real world is often not that simple.
One of our last posts discussed the reality of addiction and how it relates to the fiat world and debt. I believe this is an important issue that affects almost everyone. Because drug and alcohol addiction are widespread in the United States, almost everyone knows that a friend or family member is affected. To a certain extent, addiction is also found in our fiat money system and the debt cycle that goes with it.
OtterBTC, himself a former durg and alcohol addict, and I covered these two topics in this podcast episode, so be sure to check it out, check out his article, and read our interview below.
What’s your bitcoin rabbit hole story?
I was fully introduced to Bitcoin during the Bull Run mania in late 2017. I bought a small coin and then watched the price drop into the 2018 bear market. At some point I wanted to know more.
I started trying to find content in the room where I could study. I remember listening to a podcast with Tim Ferris, Naval Ravikant and Nick Szabo and then another one that interviewed Wences Casares. I fell hard down the rabbit hole. I felt like a veil was being lifted from my eyes. I used to be interested in gold and silver coins as valuable collectibles, but that was different. The impact of the widespread adoption of Bitcoin as a benefit to everyone on the planet has intrigued me ever since.
How has Bitcoin changed your life?
Because of Bitcoin, I’m more hopeful and optimistic about the future today. Even with all the chaos around us, I still tend to have a glimmer in my eyes, knowing that Bitcoin exists and there are advocates everywhere and more people are becoming enlightened every moment. Intuitively, I’ve always believed that centralized control over everything of value – money, goods, services, or even the people themselves – was the cause of much oppression in the world, but I’ve never dug deep enough to understand the mechanisms behind that control. And it all starts with the money.
My eyes are more open today. Today I take even more responsibility for my reaction to life and I absolutely prefer to check before trusting what any person or institution puts forward as fact. Show me the incentives …
Your recent article on addiction, fiat, debt, and bitcoin was really interesting. Could you discuss some of the parallels you see between these things and what made you want to write this article?
As I point out in the article, our world economy is unsustainably addicted to cheap fiat debt. The consequences are causing enormous distortions in the markets that affect society as a whole. A large part of the population acts with the aim of achieving high time preference goals (short-term satisfaction). We are constantly afraid that the prices of the things we want will go up, so we need to get them now, so we take on debt to acquire such things.
Being in debt can be perceived as another form of slavery. Being under debt can feel like stepping into a hamster wheel inside a cage where you stay active but fail to realize that your main goal is just to service the liabilities that you have placed on you. This is a soul sucking endeavor and leads to the humiliation of the individual.
I was once enslaved to drugs and alcohol. It’s a desperate and demoralist place. In many places I lived only to serve the spell of addiction from which I suffered. I had a moment of grace and took the opportunity to change my life for which I will be forever grateful.
While writing this article, I wanted to share a bit of my story and give something back to the community and bring some perspective. Social grievances affect us all. Misinformation about money and the negative effects of debt seems to be shrouded in ignorance, much like how we as a society deal with drug / alcohol addiction and the stigma associated with it. I would like to help shed light on both.
What are you most looking forward to in the Bitcoin space?
I look forward to wider acceptance and education. Millions more “lightbulb” moments. I want more people to feel like they’ll be blown away when they interact with Bitcoin, send their first transaction, and watch their savings grow over time. I look forward to seeing how people value their time more and in turn spend that time with their family or doing what they love.
Price forecast for the end of 2021 and the end of 2030?
I’d say we’ll see $ 100,000 before Jan 1, 2022. (I’m intentionally bearish so as not to have disappointed expectations, haha.) Bitcoin simple price of $ 1.5 million by 2030.
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