CURRENTLY READING: Blockspace Media
A recent Blockspace article struck a chord with me as someone who has experienced life in both Asia and the West. It explored how Bitcoin enthusiasts in Asia tend to focus on profit maximization rather than adhering to the philosophical principles favored by Bitcoin purists.
This observation aligns with my own experiences. When engaging with Asian Bitcoiners, financial gains appear to be their main motivation. In contrast, Western counterparts often emphasize the cypherpunk ethos, privacy concerns, and political ideals underpinning Bitcoin.
Of course, this is a sweeping generalization. There are many exceptions across both regions, but the prevailing perspective is that their approaches to Bitcoin differ significantly.
This divergence is likely influenced by cultural and economic factors. Western Bitcoiners typically grow up in environments of abundance and strong infrastructure. Consequently, the appeal of money itself diminishes for them, allowing them to aspire to higher Bitcoin ideals such as privacy, decentralization, and resistance to censorship.
On the other hand, many Bitcoiners in Asia have faced economic hardships and infrastructural challenges growing up. When they encounter Bitcoin, it symbolically represents a pathway to financial stability. After enduring a lifetime of scarcity, profit becomes their primary concern, overshadowing philosophical debates.
A clear illustration of this is the common argument among Bitcoin maximalists against altcoins — that they depreciate against Bitcoin over time. This philosophical viewpoint doesn’t resonate as deeply in Asia, where investments are often evaluated on the basis of tangible fiat returns. If an altcoin yields a 20x return in fiat, many in Asia will be indifferent to its significant drop against Bitcoin. Their profit-driven mindset makes some Western philosophical arguments less compelling.
The outcomes are evident in regions where Bitcoin maximalism flourishes — primarily in the West. Asia, by comparison, has very few true maxis. Once again, the incentives are aligned. For those fixated solely on maximizing profits, altcoins and tokens become acceptable options.
This trend explains the increasing number of Bitcoin season 2 projects emerging from Asia, a pattern that is likely to persist.
This is not to imply that one perspective holds superiority over the other. Both are essential for Bitcoin’s overall growth. Asian entrepreneurs drive adoption with relentless focus on profit, serving as the economic engine, while Western idealism preserves the protocol’s foundational principles. Together, they establish a balance crucial for Bitcoin’s flourishing.
Examining the profit-centered mindset in Asia alongside the ideological perspectives of the West offers valuable insights into Bitcoin’s cultural dynamics. Neither viewpoint is categorically right or wrong. By appreciating both approaches, Bitcoin can combine the strengths of each perspective.
This article represents a Take. The views expressed are solely those of the author and do not reflect the positions of BTC Inc or Bitcoin Magazine.
