With Tesla buying $1.5 billion in bitcoin, bnymellon expanded hosting services, including bitcoin and crypto assets, while MasterCard followed visa and PayPal to facilitate cryptocurrency transactions, with bitcoin prices reaching an all-time high - another $61000. Bitcoin has attracted attention again, which has caused debate about the reasons for its final rise or fall. Such arguments usually originate from data, facts, or other important "realities.". However, thorough analysis must also consider the non-material form of bitcoin as the object of belief, or a more secular version of faith: faith and trust.

Although some commentators have studied the relationship between bitcoin and belief, their work usually devalues "faithful bitcoin" to become a thinker or calls bitcoin a unique "faith-based asset". We would like to remind our readers that while the belief in bitcoin sometimes leads to fanaticism and suspicion in dinner conversations, the belief in maintaining bitcoin prices also maintains the prices of other asset classes at a basic level.

More broadly, human life is shaped and driven by faith. Faith can inspire people to go extreme so that they are willing to sacrifice their lives or well-being. Even beyond the paradigm of religious difficulties, faith also urges people to devote themselves to leaders, companies or ideas.

Consider faith in free thinking. It inspires people to sacrifice their lives to support revolution. The belief in the sanctity of freedom of speech has led Charlie weekly staff to take the risk of defending it; the impractical belief in freedom from government oppression has led anti masked people to boast about the wind, which exacerbates the deadly pandemic.

At the same time, faith quietly maintains daily practice. For example, most of us visit bank tellers or ATMs who are sure they can withdraw funds, so it is secretly understood that our banking system lacks reserves and cannot allow each depositor to withdraw all funds immediately. That's the belief in maintaining the market economy. As John Maynard Keynes has unforgettable, faith is one of our "animal spirits" that determines the market trends and sometimes damages rational calculations.

The belief in the intrinsic value of gold, which once maintained the gold standard that has now been abolished, cannot be reasonably calculated. Enthusiastic gold supporters believe that the intrinsic value of gold and its so-called fixed supply can resist political turmoil or devaluation caused by monetary inflation. Such belief improves the ability of gold to resist decline and become a metaphysical feature beyond the historical environment. A moment of reflection - or an attempt to trade gold with Aliens - will show that gold has little intrinsic value except what people agree to. Extraterrestrial civilization - or elonmusk - has dug out unlimited gold from planets in this way, and will certainly see its limited gold value, which cannot promote interstellar trade with aborigines such as Peter Schiff, who remain uneasy by its luster and so-called "intrinsic value".

Like gold, bitcoin has little intrinsic value, and its ability to be a value storage tool that can resist devaluation depends on the will of its believers, as critics have never noticed, as well as how to determine the value of other assets.

Today, bitcoin believers see it as storage of value or digital gold. But before that became mainstream, bitcoin believers saw it as a means of escaping the shortcomings of centralized financial institutions. In the words of Ben Cong, the anonymous creator of bitcoin, bitcoin is "an electronic trading system that does not rely on trust". As CBC must realize, bitcoin does not completely eliminate the need for trust, but reallocate trust from a central authority to a network of participants who believe in the superiority of using blockchain technology to disperse the validation of transactions recorded on shared public accounts.

Finally, bitcoin may not be an accurate point-to-point electronic cash system as originally conceived by Zhongben Cong. Nevertheless, belief in blockchain technology opens the door for subsequent blockchain projects, including early projects (such as litecoin and Ethereum, as well as recent projects such as algorand, Cardano and Polkadot), and their widespread adoption also depends not only on its latest technical advantages, but on the cultivation of collective beliefs in decentralized blockchain technology.

It is no surprise that young people express their greatest belief in the decentralized cryptocurrency field created by Texan. After the 2008 financial crisis, they have obviously experienced the shortcomings of centralized financial institutions. And after they're immersed in smartphones and social media, they intuitively seek digital solutions to problems and believe that bitcoin overcomes the physical limitations of solid-state metal bars (although it's a glittering gold bar), because bitcoin has the advantage of digital technology. This new belief trend is encouraging many institutional investors to turn to bitcoin as value storage, and only time can it be shown whether it leads to bitcoin replacing gold as reserve assets. Although the advantages of bitcoin are reasonable in terms of data.

(2021-4.4)