There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.
Interpretation
This quote suggests skepticism regarding the long-term viability of Bitcoin, comparing it to the unpredictable value of government currency.
Paul Singer emphasizes that just as we cannot fully trust governments to maintain the value of their currency, we should not automatically believe that Bitcoin will endure over time. The comparison to babies illustrates the tendency to place hope and optimism in something new, despite the uncertainties that come with it.
In practice
In a debate about cryptocurrency, this quote can be used to point out the uncertainties surrounding Bitcoin's future.
The math you need for most of finance is ninth-grade algebra, and most people feel reasonably comfortable with that. But I think the financial world there has been - I don't know if it's by design, or this is how it's evolved - there are bad actors who have wanted to obfuscate because you can benefit from the lack of transparency.
Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.
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Working for company X and having a substantial portion of your retirement plan in company X is simply exposing yourself to too much risk, because the company is both your employer and the source of your retirement income. So if something goes wrong, you lose both your job and your retirement plan.
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