Why have none of my friends or colleagues bought into crypto?

I've been into crypto for three years now, since I first bought in around July 2017, and I still only have one IRL friend/ colleague outside of Hive who owns any, and he's kind of lost interest since starting a family.

Most (now ex) work colleagues and friends of mine think I'm nuts, and not one single person has bought in - that's despite some of my friends being quite well-off - some are newly retired on very comfortable boomer pensions, a couple have had successful careers in Finance in the city, and not one single person has had even a £100 punt on any crypto.

Even my regaling them with my favourite story of the year so far - being gifted 20 odd thousand Hive from a fork - which is only possible in Crypto - hasn't convinced any of them, neither has sending out a few bragging screen shots of my Blockfolio account during that recent Hive punt, showing them the insane increase in my holdings in just a few days, nothing it seems can convince my 'ordinary' friends to buy not even 0.01 BTC!

I usually go with two main arguments to convince people to buy into BTC (that's the one everyone's heard of!)

Dollar to BTC supply and inflation

I think these two charts say it all.....

Maybe now I can make a more convincing 'buy BTC argument', thanks to latest 'Covid dollar supply spike' leading to an instant 20% devaluation of the dollar, compared to the slowing supply of BTC - especially when the price has held up pretty well during its rapid print phase, and now with 85% already printed, there really is very little room for inflationary devaluation going forwards!

I think this is one of BTC's biggest strengths - the 'print rate' is hard-coded into the chain, so a bunch of cowboys can't just decide to print more overnight, like they have done with Covid-19 - and the stimulus checks - honestly, if you're American and not desperate, cashing your stimulus money in for BTC makes total sense!

Security

My second main argument for buying into BTC is better security - if people are prepared to take responsibility, then this a big win over fiat - get that crypto on a hard wallet, or distributed over several wallets, secure your keys offline, and no bank or government can take it away from you - it's the postmodern equivalent of burying yer gold!

And of course the no third party interference in transfers and the anonymity.

So why aren't my friends buying?

Maybe it's the poor utility? It's a hard task to sell BTC on its utility, since it's relatively inaccessible compared to fiat, and you generally need the later to buy the former. Then there's the fact that most places aren't set up to accept BTC! Then there's the fees you have to pay to move BTC around. Yes, this is is hard sell.

Or maybe they're just waiting for BTC to properly mainstream? Maybe it's just lacked legitimacy in their eyes over the past three years?

Possibly most of my friends and colleagues trust our current fiat economic system.

And maybe the bodged economic response to Covid-19 will help break that trust a little?

Posted Using LeoFinance