What do Bitcoin and U.S. Republican Presidential frontrunner Donald Trump have in common? Both are new to their respective arenas, both are highly disruptive to existing power structures, and both, at this point, are unstoppable.
Disruption
The Trump campaign rose from a long-shot curiosity at best to the unquestionably dominant spot in the Republican primary election, much to the chagrin of party elders. Political analysts dismissed his campaign, with no traditional infrastructure or support from influencers in the conservative movement at large, as doomed to fail. History has since shown otherwise.
The secret? Disruption. By his direct (and often vulgar) speech, his willingness to attack anyone and everyone (including members of his own party), and his very presence as a serious contender for the White House despite lacking a history in politics or support from mega donors (or really anyone deeply embedded in politics), Donald Trump is the very opposite of the typical political candidate. He brings the end of the status quo, the upheaval of an establishment that has become deeply unpopular. Trump represents an idea whose time has come, and once that idea gains enough traction, there’s no stopping it.
Similarly, Bitcoin represents disruption in the financial sector. From banks to governments, existing institutions stand to lose out from its rise, whether it be its power to obsolete slower, more expensive forms of money, or its ability to allow economies to operate and grow almost entirely without state oversight. To some, Bitcoin’s ability to bypass government regulators has made it unique and invaluable. Even to the rest of its users who have every intention of complying with all relevant regulations, it is simply too convenient, useful, and powerful to give up once the popularity surge is over. Because of this, Bitcoin’s disruption will continue until it has upended the entire financial industry.
An unstoppable force can still suffer temporary setbacks. During the first election of the Republican primary, the Iowa Caucuses, Trump received a defeat by a significant margin, and his poll numbers took a corresponding dive. However, he went on to win New Hampshire by an even more significant margin, and has dominated every primary since.
As for Bitcoin, when Core developer, Mike Hearn’s, article decrying the cryptocurrency as dead in the water was released, its price similarly took a hit, only to recover and rise even higher than before. This same pattern has repeated several times over, as a setback strikes, causing self-styled experts to declare Bitcoin finished, only to see it recover. We can expect to see more bumps down the road, but rest assured that no setback will be permanent at this point.
For better or worse, Donald Trump’s fate as the Republican Party’s self-chosen one has been written in stone. So too has Bitcoin’s destiny, as the future of currency, been decided, entirely for the better.