Super curious but I don’t know how to make a poll....
how many people in here don’t own any Bitcoin?
And what is your reasoning?
I'll bite.
1- Bitcoin is not TFSA/RSP eligible. Therefore it is taxable in Canada. Fair to say it has been home to a lot of tax evasion these past few years.
2- While there may be a finite bitcoin supply, most of the arguments in its favor also apply to every other crypto being created. There are endless possibilities of cryptos which are arguably interchangeable and there is therefore an infinite supply of crypto or bitcoin substitutes.
3- I get the blockchain argument. If bitcoin's popularity comes from advanced technology, it can only remain at the top for as long as it is the most advanced crypto as per management models. However, bitcoin not being a company makes it, as far as I know, impossible to be updated/upgraded in the future. It is, by definition, doomed to fail in the long run. Rule applies to every other cryptocurrency.
4- The decentralized argument can also be seen as an argument against cryptos. Believe it or not, currencies being regulated by governments help gain public's trust and examples such as the Quadriga founder's password news are proofs as to why we need a such central entity.
5- Governments will tend to want to hold powers related to currencies as it is one of two tools they can use to optimize macroeconomics. Exports/production/jobs are variables that are directly influenced by FOREX.
6- Bitcoin does not generate dividend, nor interest. Its only intrinsic value is the hope that some clown will buy it at a higher price than the current owner did in the future. Might explain why we have been flooded with apostles/so called crypto experts in the past few years. It has all the looks of a pyramid scheme.
7- Massive energy consumption required to generate.
8- BTC is the most used currency on the dark web. Can be argued that it helps terrorism funding aswell as drugs and human trafficking.
Whether Lord Elon Musk likes the thing or not will not change any of the above.