• TennHedge

Twitter Hack Reveals Bitcoin’s Legitimacy as a Monetary Asset

Twitter experience a widespread hack today, with the accounts of many prominent figures such as Elon Musk, Bill Gates, and Jeff Bezos falling victim to the attack.


The hacker/hackers tweeted from the hacked accounts requesting people send $1,000 in Bitcoin to an address listed in the tweet in exchange for $2,000 in return.

It is very likely that this hack was accomplished using “insider” Twitter administrative access, so the potential for what the hack could have been was nearly limitless.


It is notable that the hacker/hackers in this situation decided to coerce people to send Bitcoin to them instead of some other scheme using some other valuable item.


What does this say about Bitcoin‘s status as a monetary asset?


Well, I would argue that if criminals are doing business in your asset, you have a very legitimate one with monetary value on your hands. Most of the time, criminals demand to be paid in hard assets such as U.S. dollars or gold. Bitcoin’s increased use in criminal schemes adds to arguments in favor of the digital currency as a superior hard asset, perhaps the hardest asset on the planet.

I am not endorsing criminal activity of course, but neither do most of you as you use your dollars every day. Many of the dollar bills in your wallet, unless they are new to circulation, have trace amounts of drugs on them from criminal activity.

Bitcoin is here to stay, and its market capitalization will only grow as more people come to terms with its superior monetary qualities. Even petty criminals recognize these attributes.


-TH


Disclosure: I am long Bitcoin.


You should always consider seeking financial advice from a licensed advisor before making decisions with your money, and you should not consider anything I write as financial advice but merely my opinion. Getting your financial house in order is a prerequisite for Bitcoin saving, in my opinion.


Disclosure: nothing in this article should be considered financial advice and I am not a financial advisor. Do your own research as everything in finance carries risk.