Bitcoin functions as a religion with a native asset, not an investment
Jordi Hays · The END of Ski Season? (E26) · Jan 7, 2025 · at 1:51:39
Hays and Coogan discuss the reflexivity of cryptocurrency markets and political power compared to traditional commodities like oil.
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“Whenever I've underestimated Bitcoin, it's from thinking of it as an investment asset versus a religion. So the difference between, like, the oil industry and the Bitcoin industry is people in the oil industry are like, this is a resource that we fundamentally need for our way of life, but they're in it to make money, right? Like, nobody's like in oil because they just like have this Deep love for oil. Yeah, speak for yourself. Whereas, like, Bitcoin, there's, like, huge numbers of people that if the price was a hundred dollars a coin, they would still be adamant about the importance of it, and they would still spend all their time thinking about it, and so I think that that, that's part of the power of it. It's a religion with a native asset, right?”
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