Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
If Bitcoin (BTC) were considered a nation, it could rank among the largest globally. This perspective comes from Jeff Booth, general partner at the Bitcoin venture fund Ego Death Capital and author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future. Cointelegraph engaged with Booth to gain insights into the current state of the Bitcoin movement in 2023.
Booth took a moment to enjoy a drink and discuss Bitcoin in Bedford, a quaint suburban area that has drawn Bitcoin supporters and influential figures from around the globe. He reflected on the growth and tenacity of the Bitcoin community and how individuals can personally engage in the coming decade.
Jeff Booth (right) converses with Cointelegraph’s Joe Hall
Booth proposed that the Bitcoin community could initiate a significant transformation in the world if its members committed more of their time to the movement. He stated that such a shift could occur “if all of those people just said, I’m moving and spending more of my time in this to massively step-change the adoption rate.”
The Bitcoin hodlers—those who retain their Bitcoin with the expectation of widespread acceptance—constitute the foundation of Bitcoin. However, Booth contends that if more of these individuals actively utilized their Bitcoin, the movement could gain momentum and achieve its objectives more swiftly:
“It would be staggering if the people that were just holding as a hedge decided, I’m going to advance, I’m going to spend more time in the world I want to see and move their time and attention there. The world would move there. I saw it in myself.”
From basic actions like inquiring whether merchants accept Bitcoin to businesses opting to adopt Bitcoin as a preferred payment method, there are various steps individuals can take to promote the cause. In-person Bitcoin gatherings also play a role. Booth remarked on the influence of the Bitcoin-themed Real Bedford football team as a means to introduce Bitcoin to a broader audience:
“He’s [Peter McCormack] using this vehicle to advance a whole bunch of other stuff, which is really cool.”
In a separate conversation with Cointelegraph, Peter McCormack noted that the Bitcoin movement in 2023 encompasses much more than just the currency: “It’s Nostr, it’s Bitcoin, it’s mainstream media lies, it is poor governance and regulation.” Nostr is a decentralized protocol supported by Bitcoin advocates. Nostr applications like Damus aim to compete with Twitter and other well-known social media platforms.
Related Posts
Booth indicated that there are increasingly diverse ways to utilize and engage with Bitcoin since his “initiation” into the cryptocurrency, often referred to as taking the “orange pill.” The Canadian observes that the payments network; the Lightning Network, and Fedimint; a solution for shared custody, offer additional avenues for Bitcoin enthusiasts to become involved. Furthermore, much of the interaction with these Bitcoin subsets occurs online:
“It’s amazing how many friends that I’ve actually never met, and I consider them close friends that over time you develop these relationships, these online relationships that you’ve never met.”
Booth added, “There is something about meeting in person and spending that time going deeper doing this, and there’s something about that that I don’t think can be replaced online.” Initiatives like McCormack’s in Bedford help to bridge that gap and motivate Bitcoiners to connect with the local community.
Related: What security? Bitcoin enthusiast cracks known 12-word seed phrase in minutes
Moreover, considering that Bitcoiners are currently spread across the globe, with communities emerging in Senegal, Guatemala, and Vietnam, Booth perceives potential for local network effects to arise.
“How many Bitcoiners are actually just holding it and are waiting?” he inquired.
If the hodlers and those “holding it [Bitcoin] as a hedge” chose to invest more time in the world they aspire to see and direct both their time and focus there, then, as Booth concludes: “The world would move there.”
This interview is part of an upcoming documentary about Bitcoin in Bedford that will be featured on Cointelegraph’s YouTube channel. Subscribe here.
Cointelegraph Magazine: Bitcoin in Senegal: Why is this African country using BTC?
