Bitcoin is going to be hard to stop – Bitcoin Magazine
Below is a direct excerpt from Marty’s Bent Issue #1259: “Bitcoin is action. The accumulated momentum is going to be hard to stop.” Sign up for the newsletter here.
This morning I listened to a recent Macro Voices podcast with Brent Johnson of Santiago Capital. It was a very good conversation about the state of the global economy, particularly focused on the dollar’s relative strength against other currencies and how things may play out as the dollar continues to strengthen as predicted by the “Dollar Milkshake” theory. Here is a link to the episode for those interested.
Towards the end of their discussion, Erik (the host) and Brent make it clear without saying anything explicitly that it is insane that global markets are essentially dependent on the whims of a select few people, central bankers, out of the billions alive. on this planet. The fact that the world hangs on the cryptic language of people who are completely disconnected from reality and don’t suffer the consequences of their actions is a little confusing. That said, what I want to focus on is the fact that Erik and Brent ended the conversation with a short detour to discuss the next world reserve currency. Both gentlemen acknowledged that it would likely be a cryptocurrency — probably produced by one of the governments or a coalition of governments — and certainly would not be bitcoin.
To your Uncle Marty, this is an incredibly funny line of thinking from a couple of individuals who seem to “get it” regarding the fact that the fiat system is doomed to failure and that its failure is being driven by incompetent central planners. To think that the solution to bad central planning from an incompetent group will be better central planning from the same group via a fresh slate a CBDC or something similar would provide. Even funnier is that they emphatically proclaim that bitcoin will most certainly not become the dominant money in the world while mocking “bitcoin maximalists”. This is our edge, freaks.
While “the smartest people in the room” scan the horizon, waiting to bet on something that hasn’t materialized yet and is sure to fail if it ever does, because it will suffer from the same centralized characteristics that doomed the dollar, bitcoiners are out there actually building the future they want to live in. The macro people of the world can continue to sit on the sidelines and pontificate about what they think will come to the market. Bitcoiners will continue to trade and bring their distributed, censorship-resistant, sound money to market. And the headstart bitcoin has accumulated is approaching prohibitive. It is a step function improvement of the incumbent money system in every way.
It is demonstrably small and extremely difficult to change.
You can send it over the internet.
You can share more granularly.
It is extremely difficult to prevent someone from receiving or sending bitcoins if used correctly.
And what is perhaps the most underrated aspect, it is becoming an integral part of the energy sector. And as we find out now, energy is quite important. Arguably the most important resource on the planet. Bitcoin becomes important to energy producers and makes it significantly harder to kill from a logistical and political perspective.
We are so early.
