Don’t Be on the Wrong Side of History

The International Longshoreman’s Association went on strike earlier this week with the goal of pressuring the United States Maritime to adhere to their demands. At the time of writing, the workers have agreed to come back to work after reaching a tentative agreement.

One of the original reasons for the strike was the workers wanted a ban on automation technologies.

Let me say that again, these workers wanted to ban automation technologies that would rapidly increase productivity, accuracy, and assumingly safety at the ports all while decreasing costs. The reason was they assumed that with automation comes the loss of employment. In reality, while some jobs would be deemed obsolete, the rapid advancement enabled via automation technologies would only prompt further growth and other areas for careers to sprout out of within the ports.

This idea, that innovation must be stifled and shut down so that established industries or products can continue working is common throughout history.

Candlemakers tried to fight streetlights and electricity.

Horse owners spit on car owners and laughed at their “automobiles.”

People thought the internet was a fad.

In almost every case, the better technology, the new viable product, or the heralded innovation win out, and people who opposed it go down on the wrong side of history.

This sort of thinking applies to Bitcoin. To better frame the message, imagine the dollar is a horse and Bitcoin is the automobile.

People still laugh and brush off the idea that Bitcoin has value.

Much was the same when horses would run by one of the early cars.

If you were someone who bought an early automobile or believed in the future of a combustion engine, you were part of the minority. However, eventually that minority was proven correct.

Gradually, then suddenly humanity turned from beast to machine.

With Bitcoin, we are seeing the tides turn. Day by day more people learn about the benefits and real value that Bitcoin brings to a monetary system.

Blackrock (and other financial institutions) are actively creating presentations and graphics for why their clients should look to Bitcoin to save their purchasing power.

As the global debt, and especially domestic debt rapidly increase, many believe the only deployable option will be to print more money to pay off this debt. Printing money leads to inflation and currency devaluation.

With Bitcoin, you can’t print more.

With Bitcoin, there is no money printer you can turn on to levy the odds in your favor.

Bitcoin is the equalizer that removes the abstract idea of an “infinite supply” with a fixed supply.

Through this removal, the ability to preserve savings into the future becomes a characteristic. A characteristic not possible with any fiat currency.

Bitcoin is the ability to drive hundreds of miles in a day, like the abilities a car provides. Fiat currencies are the roughly 30 miles a horse would take you in a day.

Again, it is human nature to be scared of new things, ideas, industries or innovations.

Humans traditionally don’t like change.

For this reason, humanity has displayed a pattern of trying to overregulate innovation in ways that essentially halt growth entirely or even look to ban or outlaw innovations.

In the early days of the United Kingdom, the speed limit was 2 miles per hour and the 1865 Locomotives Act required a person holding a red flag to walk in front of a road vehicle at all times.

Read that again.

These inhibitors were removed and the excellence of Rolls Royce and other British manufacturers emerged. The automobile won.

The better solution will find a way. Bitcoin, will find a way.

The only question is which side of history do you want to find yourself on?

Stack SATs.

The views and opinions expressed here are for entertainment purposes only and should, in no way, be interpreted as financial or investment advice. Always conduct your own research when making an investment or trading decision, as each such move involves risk. I am not a financial advisor and do not claim to be qualified to convey information or advice that a registered financial advisor would convey to clients as guidance. Nothing contained in this e-mail/article constitutes, or shall be construed as, an offering of financial instruments, investment advice, or recommendations of an investment strategy. If you are seeking financial advice, find a professional who is right for you.