How Bitcoin is changing from a volatile gamble to foundation for wealth-building
The crypto markets have been a bit shaky lately, thanks to even more geopolitical uncertainty. But what I haven't seen before — and what's been filling me with a new sense of pride and wonder — is Bitcoin holding steady. Really steady.
In my short time exploring this space, that kind of stability is unheard of. Of course, it could crash by the time this is published, which got me thinking about one of the most common fears people who don't understand Bitcoin still cling to: 'What if it goes to zero?' However, it's a fear I no longer have.
Let's rewind. I like to look up older prices of Bitcoin in times of uncertainty. But the prices can't be too old, or I start feeling sorry for myself that it took me so long to start investing. (Imagine buying Bitcoin on February 21, 2014, when it bottomed at $111.60 after the Mt Gox crypto exchange went bankrupt.)
Eighteen months ago, Bitcoin was around $42,000 — up dramatically from $25,000 in September 2023. All it takes is a quick glance at the charts to see how dramatically Bitcoin has outperformed other, more traditional investing avenues like the S&P or gold, since its inception in 2009.
And lately, it's starting to feel — dare I say — much less volatile, too. For those of us paying attention, that's a big deal. Because what happens when the asset once criticised for its volatility is no longer volatile — just as everyone from Pakistan to the US company GameStop wants it?
Michael Saylor, co-founder of MicroStrategy, now Strategy, which is one of the world's biggest Bitcoin holders, said it plainly in a Bloomberg interview this month: 'Winter is not coming back. We're past that phase. If Bitcoin's not going to zero, it's going to $1 million.'
His confidence rests on the core principles of Bitcoin, which include scarcity, immutability and resistance to inflation, along with steadily growing demand. More nations are signalling openness to Bitcoin and companies across the globe are adding it to their balance sheets.
I didn't really expect this kind of shift. Like many others, I was just curious and figured I'd just sell some to capitalise if the value went up. But starting in summer 2024, I noticed the smartest-seeming people in this space started announcing: they have no plans to sell their Bitcoin. Ever. (To quote Saylor's February post on X: 'Sell a kidney if you must; but keep the Bitcoin.')
But how can you use it, I wondered? The answer to that question is becoming obvious. There's an entire financial ecosystem developing around Bitcoin — one where you can benefit from ownership, and its potential growth, without ever having to let go of it. That part takes some mental rewiring, too. You have to forget everything you think you know about finance.
I won't pretend to grasp all the technical stuff, but there are a few practical ways people are using their Bitcoin — and they actually make a lot of sense.
One is crypto-backed loans. You use your Bitcoin as collateral to get a loan in regular money (or stablecoins), so you can cover expenses or invest while still holding on to your BTC. When you pay back the loan with interest, your Bitcoin is returned to you. It's a simple idea, and platforms like Strike and Milo in the US are already offering these tools.
The interest rates will seem very high, but given BTC's forecasted growth, this is no payday loan scheme. I recently heard John Vasquez, a trusted US crypto voice, talking about borrowing at 14 per cent to fund a cash-flow business. He expected to pay it off in 10 months — and felt confident doing it.
Then there are people like Mark Moss, founder of Market Disruptors, who spoke at Bitcoin Mena in Abu Dhabi last year. He's built an entire five-year retirement strategy for mere mortals around Bitcoin loans. His theory? Accumulate Bitcoin, borrow against it as it grows and skip tax events by never selling — keeping the principal intact.
Some are using these loans to buy real estate or invest in other assets. Others are covering their living costs while their Bitcoin (hopefully) continues to appreciate. Of course, if the market drops, there's always the risk of liquidation, which is scary.
Another method that's catching on: earning passive income by depositing Bitcoin on reputable platforms, where it functions like an interest-bearing account. These platforms lend your BTC to institutional borrowers and pay you a portion of the interest. (Just like a bank would with regular money) Sounds good in theory — but it does mean leaving your crypto on an exchange, which many in the space advise against. I'm still figuring that one out.
For those who want to ease in, there are crypto-linked debit and credit cards, which let you borrow against your Bitcoin and pay off the balance monthly — just like a regular credit card. I have my eye on that option, although I don't see it yet in the UAE.
One product I can see myself using: the new Bitcoin Rewards Credit Card, launching in the US this autumn. It's a partnership between Coin base and American Express, offering four per cent back in Bitcoin on every purchase. Bitcoin as the new air miles? On that one, when I can get it, I'm all in.
Bitcoin might still feel fringe or futuristic, but what's clear to me is this: the ecosystem is growing, the tools are evolving, and the more I learn, the more I want to know.
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