The emergence of Bitcoin is not to satisfy the traditional notion of "use value," but to deconstruct and reconstruct the value consensus in the global economy.
Written by: Daii
Today's title is inspired by a 30-year-old article from the American magazine Newsweek titled "The Internet? Bah!"
Today, Bitcoin has fallen below 80,000, and you will soon be surrounded by various criticisms questioning Bitcoin. This article aims to serve as a kind of intellectual vaccine, so you won't be surprised.
Although the title of the article is somewhat sarcastic, the topic we are discussing today—economic demand—is quite academic.
The reason for discussing this academic topic is that a heavyweight expert has taken the opportunity of Bitcoin's sharp decline to speak negatively about it, using a very academic tone, stating that "Bitcoin has no real economic need."
This expert is named Jürgen Schaaf, an advisor to the European Central Bank. In an interview with Cointelegraph, he said, "National-level Bitcoin reserves are a very risky idea." While it is reasonable for governments to maintain reserves of energy resources like oil and gas, "Bitcoin has no real economic need" because this cryptocurrency lacks "actual economic necessity or relevant uses."
1. Bitcoin's "Sharp Decline" Echoes "No Economic Demand"
Clearly, he said this to deny that Bitcoin could become a reserve asset for central banks. Previously, the governor of the Czech National Bank had expressed an opposing view.
To support his argument, Schaaf pointed out other shortcomings of Bitcoin, such as extreme volatility, potential illegal use, and susceptibility to manipulation. He believes that Bitcoin is not suitable as a reserve asset for central banks because it cannot guarantee monetary stability and may instead encourage speculation and wealth redistribution.
As an advisor to the European Central Bank, Jürgen Schaaf has a profound financial background and high authority. His views are widely followed in the industry because he is not just a theoretical voice but an important member of the European financial system. The European Central Bank, as one of the most important financial institutions in Europe, directly influences the economic policies of the entire Eurozone, and Schaaf, as an advisor, undoubtedly holds a significant position in monetary policy and economic governance.
When he made this statement, Bitcoin had just fallen below 90,000 (on February 25), and two days later (on February 27), Bitcoin's price fell below 85,000 again, and today (February 28), it has dropped below 80,000, seemingly perfectly echoing Schaaf's viewpoint.
However, I wonder if you have noticed that Schaaf's assertion contains a fundamental cognitive bias—he equates "economic demand" entirely with the industrial society's dependence on physical energy. His thinking remains trapped in the 20th-century paradigm of "oil equals power," neglecting the demand leap in the digital civilization era.
2. The Value of Bitcoin Comes from a New System
The emergence of Bitcoin is not to satisfy the traditional notion of "use value," but to deconstruct and reconstruct the value consensus in the global economy. The contribution of Bitcoin to human civilization will far exceed that of oil.
Bitcoin is redefining our understanding of "demand." It does not represent a dependence on physical energy or traditional financial instruments but rather a profound need for trust, decentralization, and security in the digital age. Just like when the internet was first born, it was also questioned for "not being able to produce food," but it was the internet that drove the global flow of information, innovation, and economic development.
Bitcoin has created a value transfer system that transcends borders, is decentralized, and does not require trust, which is almost unimaginable in traditional monetary systems.
Especially in developing countries, Bitcoin has become a financial refuge for many. Particularly in the face of hyperinflation and currency devaluation crises, many families have begun to use Bitcoin to preserve their wealth.
In Argentina, the peso has depreciated rapidly in recent years, and many citizens and businesses have chosen to convert their funds into Bitcoin to cope with rising inflation pressures. Statistics show that the adoption rate of Bitcoin in Argentina is nearing 10%, while in Venezuela, this figure is even higher, exceeding 20%. These numbers reflect the significant "economic demand" for Bitcoin among the people in these countries.
In Venezuela, an ordinary family started investing in Bitcoin in 2016, and over the years, their funds have appreciated by more than 4000%. Bitcoin has helped them preserve wealth that would have evaporated due to currency devaluation and even created opportunities for wealth appreciation.
In Nigeria, since 2019, despite the Nigerian government repeatedly adjusting its regulatory policies on cryptocurrencies (including a banking ban in 2021 and policy relaxation in 2023), the trading volume of Bitcoin has continued to grow, reflecting strong public demand. Of course, the Nigerian government is furious about this and has taken Binance to court, seeking $79.5 billion in damages.
Moreover, the decentralized nature of Bitcoin gives it powerful cross-border payment capabilities globally. According to data, from 2018 to 2023, the number of users engaging in Bitcoin cross-border payments has increased by over 200%.
Of course, not everyone sees Bitcoin's potential, just as the value of the internet was not consistently recognized in 1995.
3. The Enlightenment from "The Internet? Bah!"
The famous article in Newsweek is known for its pessimistic predictions about the internet. It questioned the commercial potential and social value of the internet, raising the following specific criticisms:
"There is no online database that can replace your daily newspaper." — questioning the threat of the internet to traditional media. "No CD-ROM can replace a capable teacher." — doubting the role of technology in education. "No computer network will change the way government operates." — denying the internet's impact on politics. "We were promised instant directory shopping—just a click away for good deals. We will book flights, reserve restaurants, and negotiate sales contracts online. Stores will become obsolete. So why does my local mall do more business in an afternoon than the entire internet does in a month?" — questioning the feasibility of e-commerce.
Now, you know that all of these criticisms have become reality.
Clifford Stoll, the author of the article, is an astronomer and is now 74 years old. Stoll is not a stubborn old man. He reflected on his article back in 2010 and admitted his mistakes.
Bringing up Stoll's article today is because it perfectly mirrors the current logic of criticism against Bitcoin.
When European Central Bank advisor Jürgen Schaaf claims that "Bitcoin has no real economic need," his essence is the same as Stoll's denial of the internet's commercial value—framing the paradigm revolution of digital civilization with the "demand" of industrial civilization.
Just as Stoll could not imagine Amazon's trillion-dollar market value, traditional financial elites also struggle to understand the new economic demands created by Bitcoin, such as "censorship-resistant transactions," "algorithmic trust," and "time sovereignty," and how they will unleash tremendous productivity.
Conclusion
History never repeats itself, but it always rhymes.
The value of all disruptive technologies will ultimately solidify the foundation for growth in the cracks of the old paradigm.
The sharp decline and questioning of Bitcoin resemble the darkest moments during the internet bubble burst. In 2000, the Nasdaq index plummeted by 78%, Amazon's stock price shrank by 95%, and The Wall Street Journal declared that "e-commerce is destined to be a flash in the pan." But 24 years later, the global e-commerce transaction volume has surpassed $6 trillion, and Amazon's market value is now 30 times its peak back then.
Price volatility cannot negate the value revolution, just as a tsunami cannot deny the existence of the ocean.
The steam engine did not bring faster horse-drawn carriages but ushered in the entire railway era; Bitcoin is not changing existing currencies but creating a new value network based on mathematical consensus.
Looking back from 2025, Stoll-like misjudgments always remind us:
The true power of technological revolutions lies not in what they replace but in what new continents they create.
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