Listen to this article
Give us your feedback
Thank you for your feedback.
What do you think?
Bitcoin has been derided by financial industry veterans who have called it a “fraud”, “hysteria”, “bubble” and just about every other criticism that can be leveled against an asset class. Nevertheless, it has a legion of supporters who have continued to buy it up and largely believe its value transcends the black market.
fastFT has asked enthusiasts who vigorously debate about the digital currency on Reddit to weigh in on why they are interested and where they see the market going.
The following responses to a Financial Times enquiry on Reddit, the online forum, have been edited for spelling, grammar and brevity.
Humbaby40 reckons bitcoin may “forever change” the markets:
Quite simply bitcoin could possibly forever change the world’s financial, banking, and currency systems. Whoever buys even a small amount of bitcoin feels they may be part of something revolutionary at its earliest moments.
There is a feeling of excitement and hope for what this new financial world can be. The emotions of excitement and hope that something good is going to happen are driving bitcoin as much as the price rise.
anicecoolfall says it’s all about “the future”:
It’s going to $30,000 and if you put in $1,000 now it’ll be $2,000 by then. What’s driving this? The future. The future is inevitable my friend. The world is moving to a cashless society where everything is just numbers you exchange on digital devices.
A non-depreciating currency is valuable beyond measure. The future is coming, just see the vision.
avenger27 says it’s about moving away from the traditional banking sector:
This technology is capable to give each person with a smartphone a bank in their pocket. It’s still in its infancy and I hope the dream of money for the people, by the people truly comes true.
Benjamincito offers a similar opinion:
The legacy banking system has no incentive to support the billions of disenfrachised people around the world that are earning sub-10 dollars per day. One day bitcoin will provide those people what modern banks never could… safety, storage, store of value.
ok123thankyou reckons there are “a dozen” reasons why people are interested:
A mix of a dozen solid reasons. FOMO [fear of missing out], speculation, greed all play their parts but many new people are learning about the tech behind this new way of moving and holding wealth.
They like what they see and have bought in and are happy to hold for years to come.
Klutzkerfuffle calls bitcoin “the people’s central bank”:
Bitcoin is a central bank. However, it’s the people’s central bank with sound money. It is a direct competitor to the [Federal Reserve] and all the central banks.
We are not here to make profit in fiat [traditional currencies]. We want a slice of the future settlement layer.
The internet has finally come to money.
oogally pins the meteoric rise on supply and demand dynamics:
The rise is due to basic supply side economics. The demand was initially created by ideological types who wanted a more transparent, trust-less, democratic form of currency. It saw further adoption by those who saw it as a way out of hyper-inflating local currencies (Venezuela et. al), and now price is increasingly being driven by speculation on an appreciating asset (a new class of asset at that).
Image source: Getty