A little bit of everything has been written about cults and the ways in which some offer group members "genuine hope". But that of Bitcoin is not a hope that will be easily deluded, like Jim Jones; no, this is a hope based on reality.
Based on reality? Are not all cults, by their very definition, built on a foundation of illusory thoughts and nefarious ideologies?
This is why bitcoin is not a cult
Well, first, it is important to clarify the following: when we talk about cults, we are referring to “benign” cults, such as Apple and Tesla.
Pious members of such cults tend to be harmless individuals, most of whom pose no threat to society.
But wait, isn't it a stretch to classify Apple and Tesla customers as cult members? Not exactly. After all, a cult is fundamentally a system of worship and devotion, often of a religious nature, directed towards a particular figure or object.
Have you ever seen the presentation of a new iPhone? How about the launch of a new Tesla? If not, you should really check it out when it happens next time to better understand the concept of "benign sect". Then there is the deification of people like Elon Musk. The cult of Steve Jobs. And to a much lesser extent, Tim Cook.
An all too high respect for the asking price
Mechanically, the Tesla (Tesla shares - TSLA ticker) leaves a lot to be desired. According to Consumer Reports' latest vehicle reliability study, Tesla's Model Y features poorly fitting body panels and a tailgate, which does not close properly. Model X and Model S, meanwhile, have a number of electrical problems.
What about iPhones? Well, for one thing, they cost too much. Yes, they look good, but their levels of functionality aren't commensurate with the asking prices.
Members of both sects are apparently paying too much for too little. The same can be said for Starbucks lovers, IKEA enthusiasts and Harley Davidson enthusiasts.
However, the same cannot be said for Bitcoin devotees. With the recent rise in the price of Bitcoin, many argue that this is just the beginning for the cryptocurrency giant. Bitcoin appears to be a valuable asset, unlike all the products mentioned above.
It also acts as a hedge against monetary inflation. Above all, it offers the very real possibility of financial freedom from the tyrannies of the banks. Now, with a growing number of traditional financial institutions buying Bitcoin (rather than holding cash), the limit seems to be the sky.
For the first time in history, I argue, there is a sect that offers solutions to real-world problems. More importantly, unlike Apple and Tesla, Bitcoin offers good value for money. Come on, drink the Kool-Aid. It tastes pretty damn good.