Ask Google about Bitcoin. Bitcoin is a monster. As the killer app of the blockchain, Bitcoin and cryptocurrency is the rock and roll of the Millennials.
When I was born, rock and roll was the ‘rock and roll’ of my generation, but for the next generation, Generation X, it was ‘computer games’ that was their rock and roll.
These ‘generation’ cohort definitions are vague; maybe Bitcoin is the ‘rock and roll’ of Generation Z or the so called ‘post-Millennials,’ but whatever the definition, the young generation love cryptocurrency like no other. These digital natives born with a tablet in their crib, who can touch type on their phones without glancing, are the Bitcoin generation.
They get it in the same way as the soon to pass ’silent generation’ of Buffett and Munger do not. Blockchain will upend the old generation’s institutions. The valued moats of banks, insurance, securities, legal services and even obscure businesses like shipping will be transformed.
The trouble with blockchain is the technology is high profile. Like rock and roll, the kids are shoving it in the old folks’ faces, blasting the message out, and angering the oldies who value their calm. Whereas computer and online technology stealthily crept up on our way of life, a few hundred billion dollars of value in cryptocurrency is parading down the roads making a cacophonous racket.
Only Mario Draghi seems to be smart enough to answer the question, ‘What do you think of Bitcoin?’ by saying, ‘It’s too small for me to think about right now.’ Everyone else, Buffett, Dimon, Munger, et al, answer comment like ‘scam’ or ‘selling baby brains’ worthy of the most clueless ‘nocoiners.’
The fact that these pelagic financial predators take the bait just demonstrates the power of the idea of cryptocurrency and what drives it and what will take it into the core of the mainstream.
The post Bitcoin Is The New Rock And Roll appeared first on Statii News.
source http://news.statii.co.uk/bitcoin-is-the-new-rock-and-roll/
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