Believing in Bitcoin: Digital Gold Progress

As volatile as the Bitcoin price is, the trend continues upward.

“We sell gold and silver, so it’s interesting,” said Neosho jeweler Steve Tipton. “If it’s called digital gold, we want to get involved.”

Bitcoin – the mother of all cryptocurrencies. call it an investment in the invisible, but since its first transaction with it in 2008, the tech world tender has continued to prove analysts wrong, and made its early investors ridiculously rich.

“People are interested in it,” Tipton explains. “They’ve watched it since we got it on our sign, for less than $ 1000, and now it’s as high as $ 42,000. Most people who buy bitcoin buy it and hold it. That’s what they want to do with it. Almost no one talks to him. Most people who currently buy bitcoin hold it for investment. “

One of those people who bought in early on is Stephen Cole, a native of Neosho.

“I am not involved with Bitcoin lightly,” Cole tells us and laughs. “Bitcoin is valuable and they are scarce, and the world has no idea how valuable they are yet, and I am on a mission to accumulate as much Bitcoin as I can, and I encourage others to do the same thing. “

After graduating from Missouri Southern, Cole moved to San Francisco, where he first learned about Bitcoin in 2013 from some colleagues in Silicon Valley. That’s when he started investing in it.

Eight years later, he is a vocal advocate for cryptocurrency, through social media and by investing in startup and not-for-profit companies.

“My biggest area of ​​focus is Bitcoin,” he notes. “So companies that build on Bitcoin in ways that I think are important.”

Many focus on the areas of privacy and security. While the value of single Bitcoin has grown 400% since this time last year, economists continue to see it as a risky investment. This is partly due to its lack of regulation – something Cole cites as one of the compromises of decentralized currency.

“It’s the same features of Bitcoin that make it so that no central entity or oppressive regime can stop you from sending someone else, or being able to reach into your account and take your money,” explains Cole. “That also makes it possible that if you lose access to your funds or someone else finds the keys that control your Bitcoin, then it often makes restoring those funds impossible . ”

At the same time, Cole believes educating the public is essential for Bitcoin’s sustainability.

“It’s important to be aware of those compromises, and if you invest in Bitcoin, just make sure you evaluate the companies you’re using thoughtfully. The software you use to mitigate those risks. “

Still, Cole believes in bitcoin more than ever, and for those who continue to watch the saga of “digital gold” unfold, all signs say the numbers speak for themselves. themselves.

“Oh I think it’s worth it, and with other people believing in its value, it’s going to have value,” Tipton said. “That’s all that makes even dollars worth it if people think it has value, then it has value. And I think it will be volatile, but I think it will keep going up until people think it’s not valuable. At the moment, it looks like it’s just started. ”