I had a customer the other day that seemed intelligent, maybe 30 years old, and worked as an insurance underwriter. Working Bitcoin into a conversation is so simple these days with the vast development that is going on in the Bitcoin Universe. I told him that I had heard a podcast with a guy offering insurance in Bitcoin, and that the payout is in Bitcoin. (Keep in mind, my opening to him accomplishes two things: 1. I see if he's a fellow traveller. 2. I can judge his response to see how the current information is filtering into the public sphere. No surprise, he said it's so volatile that it's just a gamble, and that has no use case.
The work environment I am in doesn't make it feasible to make a case with my interlocutors, but I am working on a strategy. Let me share some thoughts.
Arguments: (not in any particular order)
- No use case
- No inherent value
- Too volatile
I'll keep it to these 3 for the moment, but I am thinking of CREATING A PUBLIC SPREADSHEET TO TRACK ARGUMENTS AND RESPONSES.
1a. Use case is easy- Alex Gladstein has spelled out the use case for energy in underserved areas of the world, where Bitcoin is currently financing energy production in isolated and remote areas of the world.
1b. Bitcoin has the best properties of money, and its use case is that it is superior money heretofore.
2a. Inherent value is a red herring. By inherent value I ask if what they mean is utility. If not, they have to define inherent value and give an example of something that has inherent value. Good luck to them. It's utility, trust me. Refer to 1b.
2b. TBD
3a. Volatility is your friend, IYKYK. Bitcoin will become less volatile as its market cap approaches that of gold.
3b. The volatility invites investment on Wall Street with the potential for big gains. Options inbound.