You don’t have to look far to find financial luminaries and talking heads declaring the death of bitcoin. Again…
In just the past few months:
- JP Morgan CEO Jamie Dimon declared bitcoin is “not a real thing, eventually it will be closed”.
- “Wolf of Wall Street” Jordan Belfort called it a “fraud”.
- An article in the Wall Street Journal claimed bitcoin “is probably worth zero”.
- Billionaire investor Howard Marks said cryptocurrencies “aren’t real”.
These talking heads all have one thing in common…
THEY’RE VICTIMS OF THE DEFAULT BIAS
Have you ever been overwhelmed by the choices in a restaurant’s wine menu and just decide on the house wine? Or, when you buy the latest mobile phone, do you just accept the factory default settings and not even bother changing the ringtone?
Most people are happy to stick with the standard options. Even when we have several choices, we go with the default choice because it’s easier and more comfortable. Governments and other authorities know this and use it to nudge us in a certain direction.