Conspiracy theories arouse interest, fascinate and strive to prove that reality may differ from appearances. It is not surprising that many of them concern cryptocurrencies – assets of mysterious origin, around which there are many myths and ambiguities. Today we will take a look at one of the most famous conspiracy theories in the world of digital currencies, presenting the future of the industry in quite unobvious colors.

The History of the Bitcoin “Time Traveler”

In 2013, on the Reddit platform, a user named Luka_Magnotta published an entry entitled “I am a time-traveler from the future, here to beg you to stop what you are doing”. In a nutshell: the interested party claimed that in 2025 bitcoin would become a prelude to a great global financial conflict over the reign of the only “true” means of payment. This conflict was supposed to take place between fiat and digital currencies. The full original story can be found at this link.

Utopian vision of the future of digital currencies

TL;DR

Referring to Magnotta’s account, bitcoin would reach such a huge value that only people and nations accumulating their wealth in it would be able to exist for years to come. On the other hand, countries unwilling or unable to tax their digital currencies would be doomed. Magnotta singles out regimes in the form of North Korea and Saudi Arabia as those that recognize the potential of bitcoin and use its full potential, which contributes to their advanced development.

One aspect of this vision in particular stuck in the minds of crypto users, namely the “Bitcoin Citadel” issue.

In the supposed future, bitcoin becomes so valuable that people with more than 0.1 BTC live in fortified fortresses (to protect themselves from terrorists). At the same time, their resources would allow for the creation of self-sufficient communities, resistant to potential social breakdowns and enjoying the freedom of libertarianism.

Is the idea of a dystopian image in which wealthy bitcoin owners settle in isolated fortresses, fleeing the rest of society forever enslaved by a tiny elite that controls traditional financial systems appealing to anyone? Yes!

There is quite a large online community trying to bring this concept to the modern world. We find various ideas about how to provide power to the Citadel, usually suggesting that nuclear power is the best option. When it comes to location, the choice usually falls on Edinburgh Castle or the Egyptian pyramids.

In addition, some treat El Salvador as a modern “Bitcoin Citadel” and manifest this idea in declarations about the country’s belonging to this vision.

It is worth noting, however, that these ideas and declarations are often humorous – we strongly advise you to treat them with a pinch of salt, while appreciating the fantasy of some people. The idea of “Bitcoin Citadel” is more of a mythological and creative interpretation of the future of cryptocurrencies than a viable strategy or roadmap.

What awaits the cryptocurrency market – a beautiful dream or a brutal nightmare?

We previously mentioned the “original” version of the post, as this one was updated on October 29, 2019. Interestingly, publications on platforms such as Reddit are usually available for editing by their authors for some time after publication. In this case, the author of the entry edited his post after six years, which caused reactions among users and speculation about possible ways to circumvent the website. One of the Reddit moderators, when asked about the whole situation, said that he had no idea how the entry was modified.

This time, Magnotta refers to the ecological disadvantages of bitcoin, noting the high rate of energy consumption of the cryptocurrency and its impact on global warming. He emphasizes that bitcoin should not be treated as a traditional investment, but rather as a speculative negative-sum game. The author tries to understand both the potential benefits and the problems resulting from the widespread adoption of bitcoin in the world.

Although for a moment some of the information provided by Magnotta aroused curiosity – such as those related to North Korea’s dominance when it comes to the amount of bitcoins (see information related to training children to be crypto-hackers) – it is healthier to treat this type of reading in terms of fiction literary rather than an accurate vision of the future of the financial market. However, it is impossible to underestimate this man’s fantasy and his willingness to pass it on to other people.

Thank you for reading! For those who have arrived here, we have prepared the code “CYTADELA” reducing the transaction in exchange offices by 0.25% (valid until August 10!).