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Coping with crypto: The stages of Bitcoin acceptance
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[Image: sea-2312623_1280-e1563110974519.jpg]
Bitcoin and the rest of the cryptocurrency market are more than an industry. For some it is a great new trend, for others, it is a channel to ‘stick it to the man’ and for the rest, it is what it is: a decentralized privacy-driven market with the aim of bettering the current financial imbalance of the world.

But just like everything else, Bitcoin too has a select group of members who hold it to such a high standard that it sometimes boggles the layman mind. Enter Barry Silbert, the numero uno of Grayscale Investments and if there was ever a census, the biggest hater of gold the world has ever seen. Silbert has been involved in major campaigns against gold with the most striking example being the #DropGold initiative kickstarted by Grayscale in a bid to urge users to choose Bitcoin over gold. Now there is no statistic to show the effectiveness of this campaign, but if you ask anyone in the gold industry about it, they would probably shrug off the question.

This, however, has not stopped Barry Silbert from telling the community that ‘Bitcoin is the one’ and rest assured, he has a five-step plan to demonstrate the different levels of Bitcoin fandom. During his latest interview with the Intercontinental Exchange, he spoke about how the five phases of Bitcoin acceptance included: dismissal, skepticism, being intellectually curious, becoming a believer and finally ‘evangelist mode’.

Stage 1
According to Silbert, the people who fall into the dismissive category are the ones who have ‘heard about Bitcoin but are absolutely sure that it is a stupid idea’. These are the same naysayers who stated that Bitcoin was a bubble and would never amount to anything but hey! Bitcoin’s climb to the $12,000 mark clearly says otherwise.

Stage 2
The next level of the holy Bitcoin ladder includes the skeptics, the ones who have a more behind-the-scenes perspective of Bitcoin but are still convinced it will most definitely not work. An easy analogy would be to compare the skeptics to the entire Area 51 drama unfolding on Twitter right now. We all know it is not going to amount to anything but we are all still in for the ride.

Stage 3
Here’s is where the nut starts cracking, it is the point where the skeptics start thinking about other major players in the space. In Silbert’s words:
Quote:“This is the point where people contemplate things like: ‘Why is Jack Dorsey interested in this?’ ‘Why is Michael Novogratz interested in this?’”
Grayscale’s CEO has a twinkle in his eye when he talks about the third step because it is so much closer to the fourth stage which locks people within the Bitcoin community: The Believers.

Stage 4
Barry Silbert opined that a majority of the players in the Bitcoin ecosystem falls within this category, the ones who believe that Bitcoin will ‘moon’ and the ones who are willing to bet their asset as well as their Twitter accounts  (all hail virtual warfare!). He believes that this is the group of people who hold the fort against all the odds, like Atlas holding the sky up.

Stage 5
Finally, we have the fifth and last level: evangelism. Silbert had the best explanation about this stratum of Bitcoin supporters when he said:
Quote:“These are the few people who run around spreading the message and the gospel of Bitcoin. They are the ones who ensure that awareness is created about the world’s largest digital asset and will continue to do so with all their capacity”
The part about evangelists spreading ‘gospels’ might seem heavy-handed for a few people but Barry Silbert, CEO of Grayscale Investments, is confident that Bitcoin will soon take over the world.





by Akash Anand
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