Fellow humans,
Yesterday and the day before were dedicated to the main conference of Bitcoin 2022 in Miami, which is the “biggest bitcoin event in the world.” I’m still processing my experiences, so today’s letter is certainly not a great evaluation of the whole conference. If you want to know more, then you might consider attending next year. Today’s letter is to point out the obvious (obvious to me) societal shift regarding Bitcoin, especially within the market.
The main conference included many speakers (all of which can be found here) who participated primarily to discuss Bitcoin. Some of the most popular names include Serena Williams, Odell Beckham Jr, Jordan Peterson, and Aaron Rodgers. If history is any indicator for what the future might hold, next year’s lineup will likely be even more star-studded. I’m not mentioning famous people because I think we should idolize them and buy bitcoin (although buying bitcoin is a wise move). I’m mentioning famous people because Bitcoin is on an aggressive path to mass-adoption, and once something (Bitcoin) becomes famous, the fame cannot be reversed.
What happens to any investable asset during mass-adoption?
The last thing we should want is for wealthy people to buy bitcoin before everybody else, because the wealth inequality gap would widen even further, which would be a mathematical fact, not some theory. If SALtoshi Whitepaper never grows into a popular resource within the Bitcoin community, no problem. My goal is not to have a popular newsletter which ends up behind a paywall. My goal is to help everybody else understand and own bitcoin, because the alternative is not a world I want to live in. The last thing we need is 95% of the global population fighting in some type of bidding war, labor war, or actual war over 5% of bitcoin’s supply.
For those who don’t understand the implications, let me explain. If a vast majority of bitcoin’s supply (bitcoin) is locked up by wealthy people, then most bitcoin would not be available for trade. If most bitcoin is not available for trade, then a smaller fraction of bitcoin would be available for trade. If a smaller fraction of bitcoin is available for trade, then the price per bitcoin would be much higher than we’ve ever witnessed, and would likely never go back down to familiar levels (supply and demand). Wealthy people would buy bitcoin relatively cheap, and everybody else would pay an inconceivable premium. Wealthy people would again make profits from everybody else. In other words, most people would pay some sort of procrastination tax.
By now, everybody should be aware of stacking sats, rather than spending $43,000 for one bitcoin. Everybody can afford bitcoin. Nobody can afford to not own bitcoin. I want my message to be very clear — mass adoption is well underway, and if we wait until our government, employer, or favorite influencer gives us the green light to buy bitcoin, then we’ll be extremely late. As a result, we’ll certainly pay the procrastination tax, while again pumping the net worth of ambitious wealthy people. If we think we’re late now, then we might be FOMOing at the mouth when (not if) one bitcoin costs $430,000 or $4,300,000. If we can save $1 in bitcoin, then bitcoin is not too expensive.
Until next time,
Salvatore Norge
P.S. — New York is better than Florida.
Keep falsehood and lies far from me; give me neither poverty nor riches, but give me only my daily bread. Otherwise, I may have too much and disown you and say, ‘Who is the Lord?’ Or I may become poor and steal, and so dishonor the name of my God.
— PROVERBS 30:8-9
I’m not very wise. Never financial advice. Do your research.