Understanding Bitcoin Derangement Syndrome
The following article, authored by Guy Malone, originally published on February 27 on the Bitcoin News Inc. website, explores the phenomenon of Bitcoin Derangement Syndrome, a term that captures the irrational criticism directed at Bitcoin and its investors. This reprint is modified for our readers, omitting embedded videos and graphics.
The Critics: Peter Schiff and Dave Ramsey
In the previous week's analysis, we scrutinized the claims of Peter Schiff, an ardent gold advocate who disparages Bitcoin at every opportunity while touting gold as a far superior asset. Schiff, who founded Schiff Gold in 2010, seems to have overlooked the emergence of Bitcoin in 2009.
Joining Schiff in our “Decade of Bad Bitcoin Takes” club is Dave Ramsey, a well-known radio host and author of the bestselling book Financial Peace. Ramsey has spent over a decade publicly mocking Bitcoin, branding it as a "scam" and labeling its investors as "stupid". He has even gone so far as to compare Bitcoin to the failed Iraqi dinar, claiming it can turn a million dollars into nothing.
Misleading Information and Fear-Mongering
In a November 2023 video, Ramsey spread misinformation about Bitcoin, creating FUD (Fear, Uncertainty, and Doubt) among his listeners. He inaccurately suggested that the Bitcoin network could be easily dismantled, a claim that is countered by facts presented in a January 2024 study by Cathie Wood, CEO of ARK Invest, which states that Bitcoin is supported by the largest computer network in the world.
Despite being misinformed, Ramsey continues to scorn Bitcoin investors, suggesting they are foolish for investing in such a volatile asset. On the day of his video, Bitcoin was trading at $37,500, and those who ignored his warnings did not lose money.
The Willful Ignorance of Critics
Ramsey’s refusal to engage with factual information about Bitcoin suggests a persistent willful ignorance. He has admitted to being “sadly ignorant” about the cryptocurrency world, despite opportunities to learn about it since its inception.
The Debate on Bitcoin's Value
Peter Schiff continues to dismiss Bitcoin as having no intrinsic value, a claim that has been challenged in debates with proponents of Bitcoin, such as Natalie Brunell and Anthony Pompliano. They argue that Bitcoin is not merely speculative but is being used in real transactions, highlighting its ability to transfer value across borders swiftly.
The Challenge of Belief Perseverance
The article posits that figures like Schiff, Krugman, and Ramsey exemplify belief perseverance, maintaining their views on Bitcoin despite overwhelming evidence to the contrary. If you’ve encountered any of these individuals, you might have been exposed to a form of Bitcoin Derangement Syndrome.
Guy Malone is a certified Bitcoin professional and has contributed to various publications. For future columns, reader input is encouraged.
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