Will Bitcoin continue to rise? The Bullish Case for Bitcoin

About The Bullish Case for Bitcoin.

The Bullish Case for Bitcoin was written and published in 2021 by Vijay Boyapati, PhD in Computer Science. The book is a longer version of the article of the same name, which has been read by more than a million people. Published in 2018, it is the most widely read non-technical work on bitcoin. Boyapati initially wrote the article for family and friends who were interested in bitcoin, but over time demand grew to the point where he decided to turn the ideas in the article into a book.

In less than 100 pages, the author presents the economic, technical, psychological and philosophical basis for understanding bitcoin, making this book an extremely suitable gift for those who do not have the time or inclination to read longer texts. In this short and concise account, the author takes us through the basics of monetary terminology, reconstructs the history of money and shows its evolution to the creation of bitcoin. In his analysis of bitcoin, the author focuses on the dominant cycles of enthusiasm and the s-shaped curves that characterise the adoption of new technologies.

Book summary

The author starts by describing the basic functions and properties of money, to which he adds two original characteristics – its established history and its resistance to censorship. It uses this framework to compare gold, fiat currencies and bitcoin, objectively explaining the shortcomings of each and highlighting the main advantages they bring. It presents Bitcoin as a more advanced form of money, slowly siphoning off the monetary premium of other commodities and adding it to itself. While most commodities have other uses besides the monetary premium, such as prosumption, collecting and consumption, bitcoin is almost entirely monetary, a role it fulfils extremely effectively.

In his analysis of bitcoin adoption, the author focuses on Gartner’s enthusiasm cycles, where with each new cycle a new group of people enters, and interest in the technology grows until the number of people belonging to that group is exhausted. The initial rise in value is followed by a fall to a plateau, where the technology can stay for quite a long time until it settles at some higher point until the next cycle. Due to its limited supply, which is issued in four-year cycles, Bitcoin has built-in Gartner cycles that are triggered after each halving of its supply.

Finally, the author addresses the common doubts about the sustainability and existence of the bitcoin network, which he disarms with convincing arguments. In addition to the frequent doubts, he also responds to more serious risks that concern him, such as the development of quantum computing, weaknesses in cryptographic algorithms, state attacks and so on.

Conclusion

Written by a long-time Bitcoin expert and enthusiast, the book The Bullish Case for Bitcoin is an excellent overview of the basic properties of bitcoin money and the bitcoin network, and his work has helped to bring many intellectuals and academics into the bitcoin community. The foreword to the book is written by none other than Michael Saylor, the biggest “bull” of the ecosystem, whose passionate persuasiveness spreads the idea of a libertarian, open and neutral monetary system that enables savings and prevents the theft of wealth from everyone in the world. The book is recommended reading for everyone, from complete laymen to long-time enthusiasts and experts, as it provides new insights into network operations and economic theory.

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