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In Bitcoin We Trust

• https://fee.org, by John O. McGinnis

The timing could not have been more propitious for Liberty Fund's conference on cryptocurrency this past weekend. 

Last week, Bitcoin hit an all-time high, even as it decreases in volatility. In their book, The Age of Cryptocurrency, Paul Vigna and Michael Casey offer five stages of the evolution of social attitudes toward Bitcoin.

Social Attitudes toward Bitcoin

The first is disdain. The second is skepticism. The third is curiosity. The fourth is crystallization—where an understanding of the currency leads to a recognition that Bitcoin is a coherent design that fulfills an important function. And the final stage is comfort with and acceptance of the innovation.

Most people at the conference had passed through the first three stages and are resting at either stage four or five. 

The reason for this progression is that Bitcoin is earning more trust. It was always theoretically possible that Bitcoin could develop into a more trustworthy store of value than many government currencies because many governments have proven themselves so untrustworthy.

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