We've all heard it: Bitcoin is digital gold. A safe haven. A store of value. The mantra has been parroted ad nauseam by political consultants, campaign operatives, and pundits from every stripe. I’m here to tell you that this narrative really suits us, the academy. In practice, it does the opposite by stifling the true potential of cryptocurrency, especially for the people who need it most.

It's like this: imagine you're starving, and someone offers you a gold brick. Delicious and valuable as it may be, I promise you, it will do absolutely nothing to satisfy your present hunger pangs. You can't eat it. But you can’t just go out and easily exchange it for something you can eat. In that context, that gold brick is a heavy shiny disappointment. That’s Bitcoin’s “digital gold” narrative at work in much of the developing world.

Price Obsession Hurts Real Utility

The “cult of price,” as it’s sometimes known, turned into a self-fulfilling prophecy. We’re so focused on trying to get on the charts, getting fixated on each dip and spike, that we’re completely losing sight of the goal. It's the equivalent of judging the success of the internet based solely on the stock price of internet service providers. Ludicrous, right? The true value of the internet network is in the capacity it supports for applications, the connections and information that it makes possible. Crypto, as well, has the potential to change every aspect of how we engage with financial services and tech.

Consider Michael Saylor and his “Saylorism” – buy Bitcoin and never sell it, borrow against it, lather rinse repeat. It's financial alchemy for corporations, sure. Is it actually building anything? Is it solving real problems for real people other than making already rich shareholders even richer? I like to call it a corporate Ponzi scheme to be honest. It places an undue emphasis on internal leverage and overlooks external adoption and actual value-creating capabilities.

Accra's Reality Isn't Wall Street's Dream

As someone who now works from Accra, Ghana these days, I have the luxury of seeing an alternate reality. I see entrepreneurs struggling to access capital, families ripped apart by exorbitant remittance fees, and communities vulnerable to corruption due to a lack of transparent land registries. These are problems blockchain technology can solve.

Imagine a DeFi platform that offers micro-loans to small business owners in my neighborhood. This creative solution not only keeps them away from predatory lenders, it enables them to build long-term incomes. Imagine a blockchain-based remittance system that cuts remittance fees to virtually zero, allowing families to send money home without losing a significant chunk to intermediaries. Now imagine that same land registry, secure and transparent, shielding even the most vulnerable communities from land grabs and corruption.

These applications aren't dreams. They're possible. They’re having a tough time getting a foothold. While the Bitcoin price narrative has once again taken over the entire conversation, pushing out nearly everything else. The dangerous part is that investors are interested in quick profits, rather than long-term impact. The focus is on hoarding, not building.

Ethereum: Infrastructure, Not Just Speculation

This is where Ethereum comes in. If Bitcoin is a store of value, Ethereum is developing the groundwork for a new decentralized reality. It’s the new digital oil that’s running all the dApps, DeFi, NFTs and beyond. Because its value isn’t just speculative like a lot of crypto – it’s literally tied to how it gets used. The Ethereum network is so valuable because the more people who use it, the more valuable it becomes.

Think of it this way: Bitcoin is like a gold vault, while Ethereum is like a digital highway system. You may be able to bank value in the vault, but you don’t need this highway if you can’t move goods and services on the highway. Ideally, they can work together. Ethereum serves as a bridge for Bitcoin investors. It provides them with truly groundbreaking DeFi opportunities, unlocking a new world of potential for their Bitcoin investments. Planning too much around the vault, without addressing the highway constricts opportunity.

  • Bitcoin: Digital Gold (Store of Value)
  • Ethereum: Digital Infrastructure (Fuel for Applications)

Beyond Hoarding, Towards Building

We have to change the discussion from price graphs to public use. First, we have to accept the reality that cryptocurrency is more than a speculative asset. It’s a great equalizer and incredibly important to social and economic empowerment. Let’s give a platform to the voices of these community members who are using blockchain to address real world problems. We need to stop rewarding people who are just making money off of price gouging.

The question isn't "How high will Bitcoin go?" The question is "How can we use this technology to build a better world?"

I'm not saying Bitcoin is worthless. It has its place. Holding on to the “digital gold” story is a disservice. Most importantly, it overshadows the potential for cryptocurrency to create real-world impact, ultimately undermining its promise. It’s time to end the era of hoarding and begin an age of building. It’s long past time to put the emphasis on influencing usage—not price. Keep this in mind: crypto’s greatest asset is not its speculative value. Its real strength is in the potential to empower the people.

Join us in building a future where everyone can use cryptocurrency. Collectively, it’s up to us to ensure that it becomes a powerful tool for economic empowerment, not just for the rich. Join us in creating a future where blockchain technology is applied to meaningful challenges rather than focusing on blowing up speculative bubbles. Together, let us commit to building a future where the voices of those who need it most are finally included.