Consider this: even with a 73% fall from all-time highs in Bitcoin’s price, over $2 trillion in market cap shaved off, evident fraud by centralized corporate entities like Celsius, BlockFi, Voyager, and the second largest exchange FTX, a hellbent Federal Reserve bank looking to pump the brakes on the economy, and continual negative mainstream media reporting, the crypto market is still valued higher than it was in the prior 2018 bull run peak.

Like the poignant and dignified 1980s singer/songwriter Matthew Wilder sang in his 1983 hit, Break My Stride; crypto keeps moving forward, kicking ass, and taking names.

Ain’t nothin′ gonna break my stride

Nobody’s gonna slow me down

Oh no (Oh no) I’ve got to keep on movin′

Ain′t nothin’ gonna break my stride

I′m running and I won’t touch ground

Oh no (Oh no) I′ve got to keep on movin’

And now, we are seeing canals open between traditional, legacy businesses and the crypto world. So while it’s easy to listen to the critics, haters, and pessimists, here’s why you should put their commentary on ignore and embrace the asset class backed by something stronger than blind faith — technology.

Haters are gonna hate.

“Bitcoin has failed as an inflation hedge. Crypto is a solution looking for a problem. Crypto has no real value. It’s never too late to sell an awful position. I can say almost with certainty that they (Bitcoin and crypto) will come to a bad ending. Bitcoin is probably rat poison squared. My very humble assessment is that it is worth nothing. It is based on nothing. There is no underlying asset to act as an anchor of safety. Bitcoin is on the road to irrelevance.”

I could keep going with criticism from members of the legacy financial system who are “warning” us about the dangers of crypto. But, unfortunately for them, their narrative is losing steam. It seems like every week, a new compelling reason comes along for ordinary people to look at and consider crypto as an investment class.

And while these haters continue with their rants, real-world events make them look more and more wrong. It reminds me of one of my favorite Dave Chapelle skits.

If you’ve never seen this, I strongly encourage you to check it out. It’s timeless.

Why the haters, critics, and naysayers are wrong

“You can’t fight progress. The best you can do is ignore it, until it finally takes your livelihood and self-respect away.” Kurt Vonnegut

Progress, innovation, technology, adoption, decentralization, sovereignty, and growth are all words we should associate with crypto.

In the past two years, we’ve seen transaction fees on crypto platforms reduce by over 99% with Layer 2 scaling solutions. Oh yeah, the transactions process ten times faster as well.

Decentralized application and NFT growth have exploded. We have different categories such as DeFi, gaming, social platforms, metaverse, marketplaces, and exchanges living in Web3. Attracting some of the most creative and intuitive minds, the competitive crypto landscape is a fertile garden poised for ideas to grow.

Nearly everyone in the world has heard of Bitcoin. Additionally, Ethereum is a well-known crypto asset. Even the negative stories about fraud and theft draw more attention to the asset class. Open-minded individuals may look beneath the surface stories that the mainstream media is serving and discover crypto’s value proposition.

94% of all crypto buyers are Gen Z or millennials. Meanwhile, most crypto critics are either old or aging baby boomers. Oscar Wilde said it best:

“The old believe everything, the middle-aged suspect everything, the young know everything. “

Big business has significantly grown in power and influence over the past century. So why are Disney, Starbucks, professional sports leagues, eBay, Paypal, Twitter, Tesla, Visa, Fidelity, Nike, Meta, Coca-Cola, and Amazon Web Services investing in the crypto space? Unlike the crypto critics, they understand the potential this technology offers.

El Salvador has boldly taken the step of buying Bitcoin as a reserve asset. Crypto has now even found its place in the Miss Universe contest.

Inflation is challenging ordinary people to question their views and comfort with the legacy fiat monetary system. Bitcoin and crypto offer an alternative to the central bank-driven system where those at the top benefit the most.

Most critics have personal agendas.

“People who care more about being right than ending right prove just how wrong they were all along.” -Lysa TerKeurst

Peter Schiff criticizes Bitcoin, but he owns a company selling gold. Paul Krugman eviscerates Bitcoin and crypto, but being a contrarian to new technologies has been his MO. After all, this is the guy who wrote the internet’s impact would rival the fax machine.

Warren Buffet is 92 years old, and Charlie Munger is 99 years old. Yet, these two men stubbornly didn’t buy Apple shares until 2016, nearly ten years after the iPhone was introduced. These men understand economics a lot, but they may be a bit behind on technology.

Christine Lagarde and other central bankers only have control to lose if Bitcoin and crypto gain value. Central banks own most of the physical gold in the world. They control all the fiat. But they (probably) don’t own enough Bitcoin. So why support a technology that would strip them of their power?

Jamie Dimon says that Bitcoin and crypto are worthless, but his company, JPMorgan, is looking to custody Bitcoin and crypto for its wealthy clients. This is like running Beyond Meat and saying how much you love to eat steak dinners.

And then there is Elizabeth Warren. She argues that crypto operates without rules and regulations. Yet, last I checked, senators’ responsibilities include passing laws and regulations. It’s like the parent who claims their child is entitled, spoiled, and unruly. So maybe it’s Time to look in the mirror.

Key Takeaways

The critics have ample firepower now that the crypto market seems vulnerable. However, if you are in the crypto space today, you are still an early adopter. It’s easy to lose conviction, get shaken out, or fall for the fear tactics against the asset class.

However, if you take a step back and logically think through some of the points raised here and others, your conviction will supersede this doubt.

What do you think? Do the critics have good arguments, or are they primarily seniors trying to tell younger people how to dress and dance? Or is crypto simply a cash grab built on vaporware? Are these S&P 500 companies embracing it to participate in the fleecing of ordinary people? Share your thoughts and opinions in the response section.

This article isn’t financial advice, and I am not a financial advisor. It is strictly my opinion. Crypto assets involve tremendous risks. I am someone who wants to maintain and grow my wealth so that I can provide a good livelihood for my family and myself. So do your research before making any investments.