# Bitcoin; Last forever or Die? By [Arya](https://paragraph.com/@aryaethn) · 2022-05-21 --- The mainstream media will tell you that bitcoin is a speculative bubble, your financial advisor will tell you that you’re wasting your time by investing in it, your friends and family will tell you that it’s a scam and economists will tell you that it won’t work. So, why is bitcoin consistently rising in price and proving them all wrong? If bitcoin really is everything that these people say it is, then why won’t it just die already? Here we are going to see some of the reasons that Bitcoin won’t die and will stand still. ### 1\. Bitcoin capped supply People in developing countries are not buying bitcoin in the hopes of purchasing a 10-bedroom mansion in Los Angeles, they’re not buying bitcoin in the hopes of owning a Lamborghini, they’re buying bitcoin because they need it to survive. In third-world countries where the national currency is being printed into oblivion, those countries’ citizens are seeing their life savings vanish right before their eyes. Bitcoin is not a speculative bubble fuelled by degenerate gamblers hoping to make a quick buck, it’s capital flight from collapsing fiat currencies. When people say Bitcoin is a lifeboat, they’re not exaggerating. Bitcoin is providing immense value to those being affected by hyperinflation by allowing people to store their monetary energy into something that won’t evaporate into thin air. Individuals storing their wealth into this hard money, capped in supply at 21 million, helps assure them that they’ll be able to eat this week. That they’ll be able to actually afford whatever they need to survive. And Venezuela is just one of the many countries going through this situation. Bitcoin is capped by mathematics. We all know that the equation below holds: ![](https://storage.googleapis.com/papyrus_images/35c2aab318732244c9b9d43181e9cd133d20799b14e67966c7f4baca2eadf5a1.png) Now using the equation above, knowing that Bitcoin has a halving every 210,000 blocks (roughly 4 years), and noticing that the first block reward was 50 $BTCs we will have: ![](https://storage.googleapis.com/papyrus_images/4456d765d95601df201310c2cfc01337192571dcbb4bad0428783a0f1419cbdc.png) So Bitcoin is capped by mathematics and nothing can change that or add any more $BTCs to the society. No inflation on Bitcoin. So it gives Bitcoin a Gold-like feature that will make $BTC not to lose its value over time. ### 2\. ‌Bitcoin is transparent Unlike many banks and big financial institutes that never reveal their sheets or when they do much of the data are manipulated, Bitcoin is transparent. Every transaction is fully seen by everyone in the network. We would all know that a certain address has done how many transactions, hes sent and received how many $BTCs, has had transaction with how many addresses and exactly what addresses, and many more data. Here you can see so many data about the address: > 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ ![Data known about address 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ](https://storage.googleapis.com/papyrus_images/fe47e9b4fbf5d0a691ae61de7f611262a02f705990fe24cba1b02d5e56ce15cd.png) Data known about address 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ ### 3\. Bitcoin is a new religion > _The world’s favorite cryptocurrency was developed by a mythical figure whose writings are considered sacred texts. Its other religious trappings include true believers, holidays, and diets._ > > **_— Joe Weisenthal,_** [**_Bloomberg Business Week_**](https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal) I discovered this article in Q1/2021 when Bitcoin went higher and higher in its bull run fueled by the messages of Elon Musk. A mythical figure Satoshi Nakamoto invented bitcoin, left the earthly plane, and his legacy is “holy code” and “sacred white papers.” Indeed, it has something like Jesus Christ in the Catholic Church or Gautama Buddha for Buddhism. Bitcoinism has Satoshi Nakamoto. Also, he got some true believers in the religion of Bitcoins who support the asset like Michael Saylor, Mike Novogratz, or Cathie Wood. Yet, since March, Paulus also came to earth in the form of Elon Musk, who first supported Bitcoin and then betrayed the holy community. Bitcoin and Reddit brought a lot of fun and enjoyable storytelling into finance. I wouldn’t want to miss that. ### 4\. El Salvador > _“every economic agent must accept Bitcoin as payment when offered to him by whoever acquires a good or service”_ > > **_—_** [**_El Salvadors new legislation_**](https://twitter.com/nayibbukele/status/1402446890466217985) As many traders started to predict doomsday coming for cryptocurrencies due to Elon’s take on it recently, [El Salvador decide](https://www.washingtonpost.com/world/2021/06/12/el-salvador-bitcoin-volcano-faq/)d to adopt Bitcoin as the second currency in their country. What? As a currency? Well, yes and no — as a legal tender. What is legal tender? In simple terms, it means whenever someone in El Salvador wants to pay with bitcoin, the contracting party is legally forced to accept it. Practically speaking, when you want to travel to El Salvador, take your bitcoin with you; you can use it as a currency in this country. The thing is, El Salvador already gave up its currency and uses the US Dollar as the leading currency in the country. Now it also accepts bitcoin. I see it as a grand experiment to learn more about the real-life effects bitcoin creates in a small economy. If it works, well… there are many countries like El Salvador in the world. But this is not the end with El Salvador. Recently, El Salvador had a meeting with 44 countries about Bitcoin. The event, hosted by the The Central Bank of El Salvador and known as the Digital Financial Services Working Group and the SME Finance Working Group, focused on financial inclusion after a two-year hiatus due to the COVID-19 pandemic. All participating countries are members of the [Alliance for Financial Inclusion](https://www.afi-global.org/members/) (AFI). On May 19, the last day of the event, 90 central bankers and financial authorities from all participating countries traveled to [Bitcoin Beach in El Zonte, El Salvador](https://twitter.com/Bitcoinbeach/status/1527372508369825803) so they could download their own Bitcoin wallets and experience a new financial system with their own hands. After the financial authorities discovered bitcoin, they couldn’t help but gather for a commemorative [video and photo shoot](https://twitter.com/Bitcoinbeach/status/1527677757806678016?s=20&t=-bYoj9EhWVg41vZUbHACuQ) where they can be heard yelling “Bitcoin!” amid the beautiful landscape of El Zonte. Vendors that participated in the event were thrilled to be involved, and one particular fruit vendor [noted](https://twitter.com/alexand74157676/status/1527680317615755270?s=20&t=a99SfAC8AwyhIecJ2_BxzA) that the central bankers “looked excited at how we use BTC in the area.” Speaking of vendors, the Bitcoin swag being sold for BTC to participants quickly ran out, and the Bitcoin Beach [Twitter account](https://twitter.com/Bitcoinbeach/status/1527444285552963584) made sure to remind themselves to bring more products for an eventual next gathering. ### 5\. Cryptocurrencies adoption and legalization Recently, the United Kingdom’s Department of Treasury has reportedly taken a positive stand in regulating stablecoins as legal tender.  A local report highlighted that the Treasury intends to regulate stablecoins across Britain, which was revealed by Prince Charles during the Queen’s speech. Prince Charles mentioned the introduction of new legislation across the various sector, including new measures to drive economic development to improve living standards,  He said, > _“A bill will be brought forward to further strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow \[Economic Crime and Corporate Transparency Bill\].”_  Earlier last month, the UK’s Economic and Finance Ministry Department also cited an amendment for its existing regulatory framework to incorporate stablecoins as a form of payment. This news was welcomed by the crypto community as they recovered from the shock of Terra’s price crash. However, the UK Treasury is maintaining a firm stand mentioning,  > _“to ensure the UK financial services industry is always at the forefront of technology and innovation,”_ The Treasury’s plan does not involve legalizing algo stablecoins and will only offer support for fully-backed stablecoins such as USDT or USD Coin. The spokesman for Treasury said,  > _“Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill which was announced in the Queen’s Speech.”_ With the UK taking a positive stand for stablecoins, the industry sticks to the silver lining amidst the crash. As more and more countries are taking a positive stand for digital currencies, the industry hopes for a quick recovery and brings more innovation to the table.  ### Conclusion Bitcoin will Stay :)) Do you really need more in the conclusion part? --- *Originally published on [Arya](https://paragraph.com/@aryaethn/bitcoin-last-forever-or-die)*