Recently, I published an article titled “The 7 Stages of Bitcoin: Journey from Denier to Maxi”, which explored the progression many undergo as they embrace Bitcoin. Shortly after, a thoughtful reader reached out with a brilliant observation:
“Good article! Worth mentioning that similar to the stages of grief, not everyone passes through all stages in a linear fashion. Even a maxi or hodler might temporarily revert to a little skepticism or trading, out of fear after being exposed to too much propaganda spouted by fiat elitists. Fear, uncertainty, and doubt (FUD) can still kick in during the early phases of a Bitcoiner’s journey. As they journey deeper into the rabbit hole and continue studying Bitcoin, conviction strengthens, and many even go on to become prominent influencers in the Bitcoin community. You might even call it an 8th stage.”
This reader’s sharp insight deserves more than just a nod of agreement. It merits deeper exploration to expand on this perspective.
The Fear and Propaganda Are Real
The fear and propaganda surrounding Bitcoin are undeniable. Governments, financial institutions, and media outlets have often portrayed Bitcoin as a dangerous innovation, associating it with illegal activities such as money laundering, drug trafficking, and cybercrime. These narratives create distrust among the public, discouraging broader adoption. Headlines frequently focus on Bitcoin’s connection to dark web marketplaces, conveniently overlooking its legitimate use cases and the far greater misuse of fiat currencies for similar activities.
Critics label Bitcoin a “threat to financial stability,” claiming it undermines national currencies and monetary policies. High-profile detractors have called it “rat poison,” while others liken it to a Ponzi scheme. Some governments have issued threats or imposed outright bans on Bitcoin mining and trading, citing environmental concerns or financial risks while downplaying Bitcoin’s potential to offer economic freedom in oppressive regimes or unstable economies.
Exaggerated reports of Bitcoin’s volatility add to this narrative, framing it as an unreliable and speculative asset rather than a transformative financial system. Media outlets often highlight dramatic price drops, further fueling uncertainty among potential adopters. Combined, these tactics aim to stifle Bitcoin’s growth by painting its proponents as reckless gamblers or criminals, rather than pioneers of decentralized technology.
Nonlinear Journeys and the Impact of FUD
The reader’s comparison of the Bitcoin journey to the stages of grief is apt. Just as individuals processing grief may revisit earlier stages like denial or anger, Bitcoiners often oscillate between skepticism and conviction. This nonlinear journey is particularly common during turbulent periods, such as market crashes, regulatory crackdowns, or sensational media coverage.
Even the most committed hodler may question their stance when bombarded by fear, uncertainty and doubt (FUD). Sensational headlines proclaiming Bitcoin’s “imminent collapse” or framing it as an “environmental disaster” can shake even ardent supporters. However, as the reader insightfully noted, these moments of doubt are often temporary. Bitcoiners who remain engaged in the community and continue studying the protocol typically emerge with stronger conviction.
This process of questioning and reaffirming beliefs isn’t a flaw—it’s a natural part of intellectual growth. Bitcoin challenges deeply ingrained ideas about money, value, and power. It’s only natural for individuals to revisit and refine their beliefs as they gain new insights.
The Role of Education in Strengthening Conviction
The reader’s observation about deepened conviction through education is spot on. Bitcoin is often described as a “rabbit hole” for good reason. Its initial appeal as a digital currency is just the entry point. As individuals dig deeper, they uncover its intricate design as a deflationary asset, its role as a hedge against inflation, and its potential to revolutionize global finance.
Many initial doubts stem from a lack of understanding. For example, concerns about Bitcoin’s energy consumption often dissipate once individuals learn about its increasing reliance on renewable energy and its role in stabilizing energy grids worldwide.
The Strength of the Bitcoin Community
Bitcoin champion Michael Saylor once likened the Bitcoin community to the “biggest sports team in the world,” uniting millions of supporters globally who celebrate victories and endure setbacks together. This sense of camaraderie is a powerful antidote to fear and misinformation.
Through podcasts, books, forums, and meetups, Bitcoiners share their knowledge and experiences, helping newcomers navigate the complexities of the space. Education within the community transforms fear into curiosity and uncertainty into understanding. The more one learns about Bitcoin, the harder it becomes to dismiss its transformative potential.
The 8th Stage: Becoming a Bitcoin Influencer
The reader’s proposed “8th stage” is a fascinating addition to the framework. It suggests that some Bitcoiners, after progressing through denial, skepticism, and conviction, go on to become influencers. These individuals don’t just hodl—they actively shape the narrative and inspire others.
By candidly sharing their journeys, influencers build trust and credibility within the community. Their content—whether in tweets, blogs, podcasts, or videos—helps dispel myths, counter misinformation, and educate the public. This stage is critical for Bitcoin’s long-term success, as adoption depends on bridging the gap between technical complexity and public understanding.
2025: Bitcoin’s Breakout Year
The year 2025 is here, and it promises to be a turning point for Bitcoin. As I discussed in my previous article, over 60 major organizations have already declared Bitcoin holdings in their treasuries, and this trend is expected to accelerate. Companies are increasingly recognizing Bitcoin’s value as a hedge against inflation and a reliable store of value.
As Bitcoin matures, its community becomes more adept at countering FUD with facts and evidence, paving the way for broader adoption and greater acceptance.
The Journey and the Road Ahead
The Bitcoin journey is as much about personal growth as it is about financial discovery. It’s a path marked by challenges, doubts, and revelations. As the reader insightfully pointed out, this journey isn’t always linear, and even seasoned Bitcoiners can experience moments of uncertainty. However, these moments are opportunities for reflection and growth—not setbacks.
To the reader who shared their thoughts: thank you. Your perspective adds depth and nuance to the conversation, and your proposed “8th stage” is a reminder that the Bitcoin journey doesn’t end with hodling—it evolves into advocacy and influence.
Leave a comment