4 - 6 minute read
Bitcoin, the world’s largest cryptocurrency, has been on a rollercoaster ride since its inception in 2009. Today, if Bitcoin were a country, it could be one of the biggest in the world, according to Jeff Booth, a general partner at Bitcoin venture fund Ego Death Capital and author of “The Price of Tomorrow.” Cointelegraph recently spoke with Booth to gain a better understanding of the state of Bitcoin in 2023.
Booth commented on the emergence and resilience of the Bitcoin community in the 2020s decade and how people can get involved personally. He suggested that the Bitcoin community could usher in a fundamental change to the world if its members dedicated more of their time to the cause. “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,” Booth told Cointelegraph.
The Bitcoin HODLers, those who hold onto their Bitcoin in the hopes of the currency one day reaching mass adoption, are the backbone of Bitcoin. However, if more of those people could actively use their Bitcoin, the movement could pick up steam and reach its goal faster, Booth argues.
“There are certain moves that people can make in order to further the cause. In-person Bitcoin meetups also contribute. Booth commented on the impact of the Bitcoin-themed Real Bedford football team; it’s a means of introducing Bitcoin to a wider audience.”
Booth shared that there are more and more ways to use and engage with Bitcoin since his initiation into Bitcoin. The payments network, the Lightning Network, and Fedimint, a solution for shared custody, present more ways for Bitcoin enthusiasts to get involved. Moreover, a lot of engagement and interaction within these Bitcoin subsets takes place online.
“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.”
“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.”
However, Booth acknowledges that there is something about meeting in person and spending that time going deeper that can’t be replaced online. Initiatives like Peter McCormack’s in Bedford help bridge that gap and encourage Bitcoiners to engage with the local community.
“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 sees potential for local network effects to develop, given that Bitcoiners are currently distributed across the globe–with communities popping up in Senegal, Guatemala, and Vietnam. “How many Bitcoiners are actually just holding it and are waiting?” he asked.
Ultimately, Booth concludes, “The world would move there” if more people dedicated their time to the Bitcoin cause.
The Bottom Line
Booth’s insights highlight the importance of engagement and activism in the Bitcoin community. By actively using Bitcoin and engaging with local communities, Bitcoiners can help move the cryptocurrency closer to mass adoption. Initiatives like Bitcoin-themed football teams and in-person meetups can help bridge the gap between online engagement and real-world activism. As more and more ways to use Bitcoin emerge, it’s important for Bitcoin enthusiasts to stay engaged and take advantage of these opportunities.
