What Is a Bitcoin Maximalist? From Skeptic to True Believer

The author recalls a novice moment, sitting with a glass of wine and watching the miners like a real nerd, deeply caring about the technology even without knowing who Satoshi Nakamoto was.

Conviction and uncertainty sat together during the early years, a time when the author was mocked by family and students for believing in Bitcoin, which carried a reputation for drug money and crime.

Roger Ver was a central figure in the Bitcoin Cash forks, with the author backing the Bitcoin ABC side while Craig Wright backed Bitcoin SV, a conflict that tested the author's belief in Bitcoin's survival.

The author learned that consensus was not a vote for the richest holder, but depended on what participants actually chose to run, validate, and accept, a lesson that gave the belief in Bitcoin a history of being tested.

The author distinguishes between Bitcoin and the broader category of cryptocurrency, arguing that the word 'crypto' puts very different things into one category, from monetary networks to speculative projects.

Bitcoin's original design allows payments without requiring a financial institution to maintain the ledger, a property that the author finds more compelling than the alternatives, even if self-custody carries responsibilities.

The author notes that another project can copy code or advertise a limited supply, but it cannot simply announce that it has reproduced Bitcoin's history, its accumulated trust, or the willingness of its participants.

Michael Saylor's 'There Is No Second Best' captures a conviction the author understands, as for the monetary role they want Bitcoin to serve, they do not see another coin as an interchangeable substitute.

The author expects useful ideas being tested on other chains to eventually find a home on Bitcoin or in systems built around it, such as Lightning, but building around Bitcoin does not automatically give an application all of Bitcoin's security.

The author has traded other coins with the goal of accumulating more Bitcoin, distinguishing between a position they might trade and the asset they ultimately want to hold, though a profitable trade in dollars does not automatically pass that test.

Bitcoin's supply limit is central to the author's conviction, with issuance approaching approximately 21 million BTC, but scarcity alone does not make something valuable, as people have to want it.

The author believes Bitcoin's properties can attract more demand over time, but a frustrating month, an ugly year, or a missed price prediction does not automatically invalidate the underlying argument.