BlackRock Partners With Coinbase For Bitcoin Purchases – Bitcoin Magazine
This is an opinion editorial by Peter Conley, a Product Champion at Vercel.
BlackRock partnering with Coinbase to offer bitcoin services isn’t just good for bitcoin, it’s great for bitcoin. Because bitcoin is for everyone — and I mean everyone; it’s not just for the plebs or the techies or the “tech bros” or the cryptographers or the early adopters.
Bitcoin is for Vladimir Putin.
Bitcoin is for the Dalai Lama.
Bitcoin is for Kim Jong-un.
Bitcoin is for Eckhart Tolle.
It is for every saint and every sinner. For every Buddha and every bastard. For every poor person and every billionaire. For every mother and every daughter. For every father and every son.
It is not limited to today; it would also have applied to the past. Bitcoin would be for Mother Theresa and Adolf Hitler. It would be for Ghengis Khan and Jesus.
Most wars, past and present, are financed through the hidden tax on inflation, not direct taxation. It is the most common way for unpopular policies (which are usually destructive) to be forced upon the population.
With bitcoin, WWII would never have lasted as long as it did. With bitcoin, the Iraq war probably wouldn’t have even started. With bitcoin, the military industrial complex would be 10 times smaller.
With bitcoin, “too big to fail” businesses could not exist. If we had really hard money, those businesses that cannot survive without cheap debt or that take reckless risks would be washed out as a natural scavenging function.
With bitcoin, the bankers could not have been bailed out during the 2008 global financial crisis, and BlackRock would not be anywhere near the size it is today, nor would JP Morgan or any of the other rent-seeking institutions.
In the long run, bitcoin takes the power away from the warmongers and those who need to inflate the money supply to buy and manufacture endless weapons and wage endless wars.
It takes the power away from people who bask in zero-sum trade-based games and businesses. It will take the power away from the over-funded system we have today, the one where derivatives traders are more valuable than top level doctors.
Bitcoin gives power to people who Jack Mallers over Jamie Dimon. It gives power to those on Bitcoin Beach instead of the International Monetary Fund. It empowers the Ukrainian citizens fighting the Russian insurgency.
Jeff Booth was once asked the question “What’s the worst thing about bitcoin?” His response was: “You have to accept that the people you hate the most will start using it, and that will make the network stronger.”
We are getting to the stage of bitcoin adoption where it is too big to ignore. You can’t turn it off, and it has become “a vortex of positive incentives,” as Robert Breedlove likes to say.
That means we will start to see all types of countries, leaders, entities and people piling in. Even those that can benefit and accelerate the current broken system – and that’s okay. It’s part of the process.
The hardest pill to swallow is that those who benefited from the Cantillon effect, which got us where we are today, are the ones who can accelerate bitcoin adoption the fastest.
Back in the early days of Facebook, they had to grow user by user. No one could individually bring a billion users to the network, but you can now bring a billion dollars to the Bitcoin network, or ten billion, or a hundred billion.
Yes, the retail market is what got bitcoin to where it is now, but it’s not going where it needs to be. Getting the world onto the Bitcoin standard will require those who benefit from and depend on the fiat standard.
The Saudi Sovereign Wealth Fund can move the puck forward with one allocation as quickly as 3 million plebs. Norway’s government pension fund can effectively double the price of bitcoin if they wanted to. A family office can take more coins from the market and into cold storage faster than the first 100,000 users. BlackRock’s clientele can raise the price faster than any army of plebs.
These are good things, not bad things. This is the epitome of “gradually, then suddenly.”
Yes, it stings to know that rent seekers and violent actors will probably end up with more effort than you, but in the long run it doesn’t matter. I’m in this for a better future on the other side, not for the sick gains.
A better future means widespread adoption of as many souls as possible.
With bitcoin, the financial entities like BlackRock and similar hedge funds, which produce nothing and are the benefactors of the Cantillon effect, will eventually be reduced to their proper size and scope.
So yes, I’m all for BlackRock offering bitcoin services. Because bitcoin is the ultimate Trojan horse and the old financial system is Troy.
I don’t know about you, but I’m cheering because BlackRock opened the gates.
Now just roll in.
This is a guest post by Peter Conley. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
