Today, Bitcoin has a market capitalization that rivals the largest companies in the world and even some large nations. A significant aspect of what has gotten this cryptocurrency so far is the exponentially growing community behind it.
Without the millions of people who flocked to Bitcoin, the vision of a decentralized currency would have been just that – a vision. However, not all Bitcoin followers have the same enthusiasm for the ancient coin.
Some community members are known to go the extra mile, supporting Bitcoin in ways and means that no ordinary investor can. Here’s a look at three such types of backers and the role they play in the future of Bitcoin.
Many terms surrounding Bitcoin, such as evangelists and the genesis block, have biblical connotations. This may be designed to add to the mystique surrounding this new financial world order. Evangelists in the BTC community refer to people who bring new members into the kingdom by educating them about Bitcoin.
An evangelist would bring up Bitcoin in a conversation and try to educate everyone about the vision of Satoshi Nakamoto. However, they will accept differing opinions as long as it moves the conversation forward.
Evangelists can be credited for making the masses curious about Bitcoin. They encourage people to read and learn about the benefits of a decentralized currency. Therefore, this is perhaps the only type of Bitcoin investor on the list with negligible negative connotations attached to it.
Bitcoin Maximalists are individuals who are heavily invested in Bitcoin and see BTC as the only light at the end of the tunnel. They oppose other cryptocurrencies and see them as scams that take the spotlight away from Bitcoin.
These supporters want a Bitcoin monopoly at some point in the future. Like evangelists, maximalists also want to educate people about Bitcoin. However, they would not be as willing to lend their ears to counterarguments.
Maximalists see Bitcoin as a currency that will have profound implications for monetary economics, censorship and governance. However, they often overlook blockchain’s other technical advantages and completely ignore altcoins.
In the Bitcoin community, whales are individuals, institutions or organizations that have more than 1000 BTC. Their holdings are so large that they can move markets when buying or selling bitcoin. In fact, some traders study and follow whales to make money from their transactions.
A powerful whale we have all come to know is Elon Musk. The billionaire moved Bitcoin to new heights when he announced that Tesla would buy $1.5 billion worth of BTC in 2021. The announcement pumped the price of bitcoin by $3,000, taking it to an all-time high of ~$4,500 in early 2021.
However, whales are not entirely good in the long run because they bring in some features of centralization in Bitcoin. The aspect of Bitcoin being a democratic currency loses ground when some whales can drive BTC to new highs as well as grounding levels.
All three of these backers have a role to play in the future of Bitcoin.
However, not all of them are good for the crypto ecosystem in general. Some can influence markets at will, while others see Bitcoin as the only important cryptocurrency. Perhaps even Satoshi Nakamoto would disapprove of such community members and their actions