Crypto Disrupt previously reported on a debate hosted by Intelligence Squared during which venture capitalist, Tim Draper, asserted that Bitcoin was going to be bigger than the Iron Age, the Renaissance, and the Internet.
During the debate, Draper dismissed the notion that Bitcoin is a bubble, reminding the audience that people thought the internet was a bubble in its early days too, but what caught our attention most was the way in which he addressed millennials in the audience by telling them that the future of the technology was their hands.
“It’s all in your hands, it’s what happens to the world — the world you kinda grew up in. Deep in debt, coming out with facts that don’t help you get employed…your Grandfather’s fiat world, controlled, constrained and you’re saying, “What? does this make sense?”” — Tim Draper
Bitcoin advocates lost the debate, but that doesn’t mean DLT won’t catch on
Before the Intelligence Squared debate, 39% of the audience agreed that Bitcoin was more than a bubble and is here to stay, 38% disagreed, and the remaining 23% were undecided. Afterward, that picture had completely changed as only 25% agreed with the notion and 68% disagreed. It doesn’t paint a positive picture for crypto enthusiasts, but these figures don’t tell the whole story.
Proper debates are useful as they let the issues speak for themselves, and any self-respecting academic will tell you they often allow both sides the ability to learn. In this particular debate, Eric Posner’s academic prowess was evident, and his skill as a debater did a great deal to sway the opinion of the crowd. The man made lots of good points and backed them up, and that is bound to be convincing. Having won the debate, Eric Posner and his partner, Gillian Tett, both hit on an important truth that shows why it’s anybody’s guess what will happen in the crypto sphere – they said that Bitcoin could be the first step on the road to the next big thing, and Posner admitted “one thing you learn through studying History is how often people are wrong.”
Millenials will shape the future
It’s a cliché, but it’s an observed fact that the younger generations shape the future. Look closely at the largest social and technological upheavals in recent history, and you’ll find they are intrinsically linked to the in the popular opinion and adoption of younger generations.
The history of technology is a constant story of the old being replaced with the new, and in my almost 30 years on the planet, I’ve witnessed how technology has revolutionized things we take for granted. As a child, I was still using a public phone box to talk to my friends, later that became a landline, then text messaging, and now I, and the generation, after me are all using social media. The evidence of how much these things change is even evident among millennials of varying ages — I use messenger apps or Facebook, while my younger family members use Snapchat and Instagram. Technology doesn’t change our needs – it just changes what those needs mean. Why should cryptocurrency be any different?
Nobody can categorically say whether or not this technology will live up to the grand claims made by developers, investors, and enthusiasts, but you should bank on the younger generation playing an integral role either way. The world is still erring on the side of the status quo, which isn’t necessarily a bad thing given the infancy of the technology, but innovation can’t be chained up once it captures the imaginations of young minds, and there is plenty of excitement around this space.
I love everything about crypto. Simply can’t wait to see how blockchain technology changes our world for the better.