Bitcoin is the lifeline after hurricanes – Bitcoin Magazine
This is an opinion editorial by Gabriel Vazquez, a contributor to Bitcoin Magazine.
Bitcoin maximalism is perceived by many as a “toxic” trait, a culture war waged by veteran holders, OGs and whales who will do anything to pump their sacks. In this short piece, I explain how this couldn’t be further from the truth. I cover my journey to maximalism and how Bitcoin has taught me to HODL through adversity, adjust my ambitions and lower my time preference. Finally, I would like to point out that Bitcoin is a beacon not only for the OGs, venture capitalists, CEOs and all the other wealthy acronyms, but for the poor, the tired and the huddled masses.
2017 was a big year for Bitcoin. It was also a big year for Puerto Rico, where I was lucky enough to be born and raised. September brought two Category 5 hurricanes to the island back to back, just two weeks apart. First, Hurricane Irma narrowly missed direct landfall. Despite the near miss, the sheer size and intensity of the storm still managed to damage infrastructure, claim lives and leave millions without power. Then came Maria. In a twist of irony, my power was restored less than 24 hours before Hurricane Maria made landfall, leaving me with barely enough time to charge my devices. Little did I know that I wouldn’t be able to do it again for the next five months.
The lights were turned back on in my apartment in mid-February 2018, the festive shout of an entire neighborhood echoing at night was something to behold. By then, bitcoin’s recent blow-off-top bull run had been undone, the dust had barely settled and the price was hovering around $10,000. I remember thinking, “If I buy here and it goes back to where it was just a month ago, I can double my money!” That’s how my journey began. Not as a sophisticated investor looking to diversify, or as a cypherpunk hell bent on ending the Federal Reserve, but as a humble bartender who had just lost a lot and wanted to make some of it back.
For many, buying bitcoin is simply an allocation of some disposable income, but it wasn’t for me. I’m proud to say that despite having a high time preference and simplistic goals at the time, I never sold. It’s a difficult subject to write about – the lack of doing anything – but I feel it’s the most important part of my story. HODLing is hard. But through holding, I slowly learned about what really makes it valuable, and how fascinating Bitcoin is as an invention. I tried to convince friends to buy it without success. Around the same time I bought ether for about $100 and sold it for a 50% loss a few months later. Unbeknownst to me, through the purge of shitcoin capitulation, I had just become a Bitcoin maximalist.
Maximalism was not a choice in the beginning; I simply could not afford to gamble and speculate. It was the “toxic” Bitcoin maximalists, along with some common sense, that kept me away from all the scams and noise. I kept my underwater bags for the better part of a year. I would spend on average small dollar amounts, my confidence grows along with the size of the purchases. As the price rose, I was overcome with the feeling of, “Oh shit, I don’t have enough bitcoin!” The following years would continue to bring challenges to Puerto Ricans and bitcoin holders alike.
I struggled for a lifeboat. I quit my vices; I stopped smoking and drinking and focused all my efforts on trying to put myself in a better position for the future. Many Puerto Ricans were forced to leave after Hurricane Maria, and many tax incentive applicants have been all too eager to fill their spots. Through Bitcoin, I found a way to potentially secure a piece of this country I call home and prepare for the uncertain times ahead. I feel so incredibly bullish – never mind the price – about how there must be so many people enduring their own personal Hurricane Maria as I write this. Bitcoin is in a better position than ever to help them, it’s just waiting to be known. It has never been about fiat, but rather about sovereignty and self-realization through willpower and perseverance. I hold on because I know things are only going to get worse. Just like I stockpiled batteries and bottled water before, I can do something to prepare myself for the hard times by stacking bitcoin.
This is a guest post by Gabriel Vazquez. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
