Scotland’s Bitcoiners Share Canny Tales of ‘Buying the Dip’
This reporter attended his first bitcoin meetup in sunny Scotland on Thursday.
It took place in the Bayes Centre – Edinburgh University’s snazzy artificial intelligence and data science hub. It also happens to be the spot where IOHK, the creators of the Cardano cryptocurrency, helped establish a Blockchain Technology Laboratory.
The topic of the meetup, “Bitcoin, Wealth and Wisdom,” afforded a forensic examination of the largest cryptocurrency’s rollercoaster cycle of price bubbles and corrections with plenty of examples of the emotional trauma that accompanied the ride.
But what appeared, prima facie, to be nothing more than a roomful of rabid maximalists, on closer inspection turned out to be a bunch of canny investors.
“It’s not so much that bitcoin is great, it’s that fiat is so bad,” said an asset manager who asked to be identified only as David. “Going back to the gold standard would be the only thing that would really hurt bitcoin.”
A recurring theme among veterans and newbies alike was buying in after the 2017 price bubble, when bitcoin dropped back down to around $3,500 during the 2018 doldrums.
Kind of fitting to encounter prudent financial behavior, this being Scotland. And of course, not forgetting that Thomas Bayes, the logician and theologian who studied at Edinburgh in 1719, is generally associated with advanced theories around machine learning and probability.
CoinDesk spoke with a number of investors at the meetup to hear what drew them to bitcoin in the first place.