The Promise of Bitcoin
How time flies! I discovered Bitcoin exactly ten years ago. Since then I have accumulated years of experience in all the key sectors of the crypto industry. As the former CEO and co-founder of the longest-running bitcoin exchange in the world (BTCC, aka BTCChina), I was personally responsible for securely operating an international exchange, a bitcoin mining pool, a mobile wallet, and a line of physical bitcoin collectible products (BTCC Mint). Not to mention a large amount of time devoted to educational and non-profit activities to promote the adoption of bitcoin. BTCC was acquired in 2018, and then a year later I founded my second crypto startup - Ballet. We make the world’s easiest cryptocurrency wallet, designed specifically for offline cold storage, gift giving, and off-chain transactions. Last year during the Covid19 pandemic, I finally found time to finish my long-time goal of writing a book.
If you guessed that the book is about bitcoin, you would be right! I titled it The Promise of Bitcoin because I wanted to offer an in-depth explanation of the incredible potential of Bitcoin to transform the global economy and empower humanity. Bitcoin believers (like me) have supreme confidence that bitcoin will ultimately achieve its full potential to become the foundation of a new and improved global monetary system. However, when mainstream people hear us talk about the extraordinary things that bitcoin makes possible, we are often denigrated as being members of a crazy cult or victims of a tulip-style ponzi scheme. For people who aren’t familiar with the underlying facts and arguments I write about in the book, it seems completely irrational to believe that any investment could be as profoundly successful as bitcoin has been, and will be. The purpose of the book is to show that it’s not crazy, but rather it’s inevitable.
There have been many books written about crypto, but my first-hand experience as an early industry insider has given me a unique perspective to cover new ground that hasn’t been explored by other authors. I talk about how bitcoin is changing the way individuals, companies, institutions, and governments conduct financial transactions. I debunk the common fears, myths, and propaganda about bitcoin, and make a persuasive, rational case that it is a superior investment opportunity, as it’s a new monetary system that could make fiat currency and gold obsolete. And I share some basic knowledge and wisdom that ordinary people should have in order to take advantage of this amazing, life-changing opportunity and avoid common investing mistakes that lead to loss and regret.
I also mention Tesla in the book because it perfectly illustrates the trend of deeper integration of bitcoin into the global economy. (By the way, to celebrate my bitcoin price prediction last summer, I’m giving away a free CyberTruck to one of my lucky Twitter followers.) Not only is Tesla now accepting bitcoin for car purchases, they announced that they will be holding the bitcoin, not selling it for dollars. The example of Elon Musk and Tesla’s tremendous success in the automobile industry ensures that countless entrepreneurs and companies around the world will emulate their bold decisions regarding bitcoin. When there is widespread acceptance of bitcoin by businesses, then a closed-loop bitcoin economy where it’s never necessary to sell your coins for fiat will begin to emerge.
Whatever your level of knowledge and experience is before reading The Promise of Bitcoin, after reading it you will be a more informed, disciplined, and confident bitcoin investor. Bitcoin is extremely volatile, sometimes even experiencing 80% declines. In those moments, people have an instinct to panic and sell their bitcoins at a big loss. If you don’t understand the fundamental value of bitcoin, you won’t have confidence that the crash is only temporary, and that the price will bounce back to even greater heights. This kind of emotional investing always turns out to be a mistake. On the other hand, if you read this book you will truly understand “the promise of bitcoin” and never doubt your decision to invest in bitcoin for the long term. Peace of mind is priceless.
The Promise of Bitcoin is published by McGraw-Hill and will be released on May 18. It is available for pre-order at all of your favorite book retailers. Or, you can visit bobbylee.com to preorder and get an exclusive bundle deal.
I also want to share some great news from our company: Ballet customers have now stored over $200 million dollars worth of cryptocurrency on our wallets globally. We achieved this milestone in only 18 months since the public launch of our flagship Ballet REAL Series product in late 2019. This is an indicator of Ballet’s progress toward becoming a trusted brand that is synonymous with easy, safe, reliable cryptocurrency storage. As bitcoin adoption spreads globally over the next decade, I envision that Ballet wallets will become easily available and commonly used everywhere. Due to carefully-engineered simplicity and convenience, it will be one of the preferred offline cold storage solutions for people with limited technical skills. Ballet wallets do not require any setup procedures and they are ready to use right out of the box. This is an unmatched competitive advantage in contrast to all other cryptocurrency storage products. Ballet is by far the easiest to use.
As people are increasingly choosing to move their coins off exchanges and take responsibility for their own private keys, it is an opportunity for Ballet and other non-custodial crypto storage products to serve this growing market. Today bitcoin has low single-digit market penetration; there’s a tremendous amount of room for growth. Bitcoin is following the same technology adoption S-curve (on a compressed timescale) as electricity, television, and the internet, which suggests that growth will accelerate and continue until full adoption is achieved.
As Ballet products gain more traction in the industry, I am confident new users will increasingly come to choose Ballet as their first wallet. Together, we can grow the industry and make crypto easy for everyone.