An Early Bitcoiner Reminds Us That Bitcoin Is So Much More Than Just Personal Financial Gain
Thanks to Martti Malmi for his message on Twitter.
|Sylvain Saurel||Dec 19, 2020||1|
Bitcoin has just broken the $20K psychological barrier. It all happened very quickly after that as Bitcoin broke the $21K, $22K, and then the $23K. For forty-eight hours, everyone has been talking about one thing: Bitcoin price. Better yet, the topic that really interests the majority of people is how high the Bitcoin price in the U.S. dollar will go in the future.
The whole narrative around Bitcoin has been about its financial investment side for some time now.
It's quite logical when you realize that its bull rally that started in the early days of October 2020 was driven by smart money. Institutional investors, big companies, whales, American PayPal users, and billionaires came to buy Bitcoin en masse.
This strong demand for Bitcoin has logically caused its price to explode since the supply of Bitcoin is frozen at 21 million units and the issuance of new BTC is currently averaging 900 per day. At the next Halving, it will be halved again.
Bitcoin's programmatic monetary policy plays a key role in the liquidity crisis that is currently occurring in the Bitcoin world. There are literally not enough BTC to sell on the trading platforms.
The Bitcoin price turns the heads of some who forget the true meaning of the Bitcoin revolution
All of these numbers are turning heads. I am also among the culprits since I talk quite often about Bitcoin price. Nevertheless, I am careful to warn that the Bitcoin revolution is about so much more than just financial gain. The purpose of Bitcoin is to return power to you. With Bitcoin, you will be able to live your life on your own terms.
This will only be possible if you realize that you must have the private keys associated with your Bitcoins. So you should not fall into the trap that is being created by the traditional financial world, which is selling you Bitcoin simply as the best hedge against monetary inflation.
Bitcoin is of course the best hedge against monetary inflation, but it is much more than that. It is only one facet of what Bitcoin offers you.
An early Bitcoiner publishes a message that reminds us of what really matters with Bitcoin
An early Bitcoiner, Martti Malmi, has just posted an extremely interesting thread on Twitter. As a reminder, Martti Malmi was in contact with Satoshi Nakamoto in the early days of Bitcoin.
Martti Malmi is one of the last to have exchanged by email with Satoshi Nakamoto in spring 2011 as I explained to you recently: "10 Years After Satoshi Nakamoto’s Last Public Message, the Bitcoin Revolution Is in Good Hands". It was to Martti Malmi that Satoshi Nakamoto had asked on that occasion to take full ownership of the bitcoin.org website.
Just after the transfer of this domain name, Satoshi Nakamoto disappeared for good from the surface of the Internet, taking with him (or her) the mystery of his (or her) identity.
Martti Malmi was one of the first miners in the Bitcoin network. So you must think he must be a billionaire by now with a Bitcoin that is worth $23K. In his tweet, Martti Malmi explains that he had accumulated 55,000 BTC on his laptop between 2009 and 2010.
As of December 18, 2020, 55,000 BTC are worth $1,265,000,000.
Martti Malmi could have been a billionaire thanks to Bitcoin ...
Unfortunately for him, Martti Malmi sold the majority of his BTC before 2012. You might think he has eternal regrets about the wealth he missed. Well no!
Martti Malmi explains that for him, and other early Bitcoiners, Bitcoin far exceeded personal financial gain. He is clearly proud of the solid foundation for Bitcoin that they have put in place:
As a reminder, without Martti Malmi, and the other early Bitcoiners, the Bitcoin revolution started by Satoshi Nakamoto could never have achieved the success it is currently experiencing.
In his Twitter thread, Martti Malmi again published a tweet from 2014 in which he posted the link to the first Bitcoin transaction against the U.S. Dollar.
... But he was still able to take advantage of Bitcoin to improve his life
At the current price of Bitcoin, this would represent $115 million. Martti Malmi is part of the history of Bitcoin, and he has no regrets. And he is absolutely right.
He goes on to explain that he was still able to take advantage of the rise in the Bitcoin price in 2011 to sell 10,000 BTC when the price was between $15 and $30. This allowed him to buy a comfortable apartment in Helsinki, Finland where he lives:
Martti Malmi is amused by the fact that his studio apartment is probably one of the most expensive in the world. Indeed, at the current price of Bitcoin, his studio represents a buy for $230 million.
After Bitcoin Pizza Day, perhaps we should consider creating "Bitcoin Studio Day" within the Bitcoin community to symbolically mark the date when Martti Malmi bought with Bitcoin what has become the most expensive studio in the history of the world.
Building the foundations of the Bitcoin revolution with Satoshi Nakamoto gave meaning to Martti Malmi's life
In the continuation of his Twitter Thread, Martti explains how Bitcoin has changed his life. He also explains that he has been able to keep some BTC as savings. This is nothing compared to what he was able to have in his wallet, but it already represents some great financial gains.
The most interesting thing for me is the 3 big lessons that his whole adventure with Bitcoin has taught him:
“1) Money matters: more is always better than less.
2) Still, you don't need to be rich to lead a perfectly good life. It's about the basic things.
3) You don't live forever. Pursuing something greater than yourself brings meaning in life.”
I confess to be an admirer of Martti Malmi's philosophy and totally share what he says here. Money matters, although you rarely want to admit it. However, once you have enough to live the life of your choice, you look for more than just money.
Being able to participate in creating the foundations of the Bitcoin revolution is what gave meaning to his life. You don't live forever, and doing things that give meaning to your life is what will give you the contentment you need to be happy.
In the end, Martti Malmi thanks Satoshi Nakamoto again for his invention and all those who participated in making Bitcoin what it is today:
Martti Malmi's message is essential to remind everyone what really matters with Bitcoin
Martti Malmi's message is clearly there to remind us all of the true meaning of the Bitcoin revolution. Bitcoin is not just about money, it is first and foremost about power. Bitcoin is here to give you back the money power so that you can live your life on your own terms.
With the phenomenal Bull Run awaiting Bitcoin in 2021, it seemed essential to me to highlight once again this reality that will be repeated over and over again in the years to come:
If you don't have the private keys of your Bitcoins, you have zero BTC.
To participate in the Bitcoin revolution, buying Bitcoin is just the first step. The next step is to own the associated private keys and then run your own full node on the Bitcoin network. This way you will be able to take full control of your life.
Bitcoin’s Boom in 2020 Is Totally Different From Its 2017 Price Bubble for 4 Major Reasons: The next few months will be phenomenal.
Buy Bitcoin or Learn the Why of Bitcoin: What Must People Do First? - A mixed approach seems to me to be the most relevant.
Bitcoin’s SHA-256 Algorithm Gives You More Guarantees Than Any Bank in the World: It abstracts you from the corruption to which humans always give in.
Bitcoin Is Designed to Be Saved, U.S. Dollar to Be Spent: It’s up to you to make the best choice for your future.