Bitcoin’s greatest risk

Satoshi Nakamoto planned everything meticulously when he first thought of humankind’s greatest currency. The cryptocurrency he created is considered so perfect that it is still regarded as the best in every aspect, such as decentralization, security, and limited supply. What is most amazing is that POW mining converts wasted electricity at the moment into a financial asset, which can be spent in the future.

However, there was one thing he wasn't sure of: would Bitcoin reach the one-dollar threshold?

Bitcoin's early adopters were largely technology enthusiasts and libertarians who saw the potential for a decentralized digital currency that operated outside of government control. Since Bitcoin was initially viewed as a toy for tech enthusiasts, its early price was a fraction of a penny. What drove the Bitcoin price over $1 was the Silk Road, a now-defunct dark web marketplace for drugs and other illegal goods. The anonymity and decentralization of Bitcoin made it an attractive payment method for users on the site in 2011.

We can’t deny that the early association with illicit activity contributed to Bitcoin's initial price rise. It’s safe to assume that some of the Bitcoin whales today were junkies and criminals back in the days.

They are not philosophers or libertarians. They were just at the right place at the right time. Will they HODL Bitcoin no matter what in order to protect society against future tyranny? No, they will try to take profit when they see fit. Every time they sell their decade-old Bitcoin, the market will nosedive.

Gold is considered the best asset because no one can acquire it for significantly less than others. Bitcoin can't become bigger than gold until the early lucky whales are gone.

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