Some Musings on the Complex Question of Bitcoin’s Utility

As we consider what makes Bitcoin useful, let’s take a look at the very definition of the word in the dictionary:

Useful: whose use satisfies a need, is or can be advantageous.

Since the approval of Bitcoin Spot ETFs in early 2024, more and more people have come forward to buy what they think is Bitcoin. Indeed, buying shares in these Bitcoin Spot ETFs is simply buying Bitcoin paper. You don’t own anything.

However, these people aim to optimize the fruits of their labor, hoping to profit from the rise in the price of Bitcoin in weak money. They don’t care about the risk of censorship or the lack of control over the fruits of their labor. They blindly trust BlackRock and the other financial giants.

For these people, Bitcoin is arguably useful. After all, it allows them to satisfy a need.

Let’s move on to Donald Trump. Throughout his election campaign, Donald Trump promised to make Bitcoin a national priority. Then he expanded on this, confusing Bitcoin with Crypto. Donald Trump is talking more generally about making cryptocurrencies a national priority from now on.