What exactly has got everyone so crazy and obsessed with bitcoin as of late? Sure, the asset has been spiking like there’s no tomorrow and there’s a real possibility of becoming rich by getting involved in BTC, but there seems to be more that’s driving everybody’s taste for it.
People Love Their Bitcoin; Analysts Explain Why
According to several industry experts, there are several aspects of bitcoin that have potentially dug themselves into people’s hearts and minds. Per science professor and cryptocurrency author Finn Breton, BTC has become part of the identities of those who hold it.
In a recent interview, Breton explains:
The culture around bitcoin is part of the appeal. When you buy bitcoin, you’re buying into a whole scene, and it’s a scene that can be a part of your identity.
As it stands, bitcoin holders and crypto investors have their own vocabulary including words such as “hodl” and “whale.” The crypto space is something all its own, and those who hold bitcoin or who have taken part in trading feel that they’re part of a unique and special world.
But there’s a lot more to it than that. Social media has played heavily into the bitcoin space, according to Lana Swartz, the assistant professor of media studies at the University of Virginia. She says that with so many celebrities promoting bitcoin and other digital assets online, it’s no wonder that many people have been sucked into the crypto arena as of late.
Suddenly, there’s like a new way to see, finance and to have an identity of yourself as an actor in like the financial space.
In addition, while the volatility can be quite dangerous and ruthless at times, there is also an element of excitement to the many price swings induced by bitcoin, according to some analysts. Per Tom Meyvis – professor of marketing at New York University’s Leonard N. Stern School of Business – bitcoin always has something happening, which makes it exciting to regularly watch and check. He states:
With bitcoin, it’s exciting because there’s constantly something happening. You can check it ten times a day and the price can vary wildly.
It Gives People What They Need Mentally
Lastly, there’s also the whole FOMO element, which stands for “fear of missing out.” Many people that have entered the BTC space as of late have done so strictly because they’re worried that they’re going to miss out on something important. They don’t even necessarily research bitcoin before they enter the space. They just dive forward, hoping they can potentially cash in on a special asset.
But there’s also a side of BTC that provides hope to a lot of people; hope that they can one day control all the financial aspects of their lives and generate new forms of wealth for themselves.