Ian "nostr.naut.social" D on Nostr: BLACKROCK Some home truths for those who on one hand talk about bitcoin as the only ...
BLACKROCK
Some home truths for those who on one hand talk about bitcoin as the only sound money and we're gonna hyperbitcoinisation baby! BUT WHO ALSO somehow think that institutions are going to sit it out?
Mate, the first rule of money is that you do not get to choose who uses it. BTC isn't your personal CBDC... Money does not care about your philosophy. It just is. BTC doesn't care about Gvts, which is why we love it, but also, it doesn't care about us either. It just is what it is.
Institutions will jump in and do what they do. Which, for now, will be to pump the price. Because an ETF opens the door to many many TRILLIONS of retail investment. That doesn't mean it all goes to BTC, it means that a couple% does, and that can pop market cap by INTEGERx
This is good news for people who are long BTC.
Now for the paranoia.
Might that include a FORK to POS? Not in the short term. Would you use POS BTC? No. Would the FUD trash the price? Yes. Is that in the interests of institutions at this stage? No.
But longer term, AFTER BTC is a decatrillion* asset, and as such having serious impact on fiat? Still NO.
UNLESS
Unless Gvts decide that they will get together and regulate the privacy and ease of use away from OG BTC. And you do that by controlling the EXITS. You don't have to KYC a single onramp if you simply require that businesses accepting BTC, or offering an off ramp have to KYC and do reporting (inc wallet addresses).
Then you are made an offer that boils down to "use POS BTC and maintain your buying power" or "stick with OG BTC and put it in a safe with your Confederate Dollars".
The GOOD NEWS. If you are long on BTC today, and it does pan out dystopian, you'll be able to cry in your Ferrari, possibly while sitting in the drive of your beachside mansion.
My take, I'd love BTC to stay POW. Privacy, is probably going to die, at least for ticket items like houses, cars, and $10K+ off ramping. But if the worst comes to pass, there are worse fates than mortgage free home by the sea:-)
*Yes, decatrillion, 20x, 30x, 50x. That means BTC has scaled into a standard asset class and widely used money, threatening tax bases and no longer ignorable by Gvts.
Some home truths for those who on one hand talk about bitcoin as the only sound money and we're gonna hyperbitcoinisation baby! BUT WHO ALSO somehow think that institutions are going to sit it out?
Mate, the first rule of money is that you do not get to choose who uses it. BTC isn't your personal CBDC... Money does not care about your philosophy. It just is. BTC doesn't care about Gvts, which is why we love it, but also, it doesn't care about us either. It just is what it is.
Institutions will jump in and do what they do. Which, for now, will be to pump the price. Because an ETF opens the door to many many TRILLIONS of retail investment. That doesn't mean it all goes to BTC, it means that a couple% does, and that can pop market cap by INTEGERx
This is good news for people who are long BTC.
Now for the paranoia.
Might that include a FORK to POS? Not in the short term. Would you use POS BTC? No. Would the FUD trash the price? Yes. Is that in the interests of institutions at this stage? No.
But longer term, AFTER BTC is a decatrillion* asset, and as such having serious impact on fiat? Still NO.
UNLESS
Unless Gvts decide that they will get together and regulate the privacy and ease of use away from OG BTC. And you do that by controlling the EXITS. You don't have to KYC a single onramp if you simply require that businesses accepting BTC, or offering an off ramp have to KYC and do reporting (inc wallet addresses).
Then you are made an offer that boils down to "use POS BTC and maintain your buying power" or "stick with OG BTC and put it in a safe with your Confederate Dollars".
The GOOD NEWS. If you are long on BTC today, and it does pan out dystopian, you'll be able to cry in your Ferrari, possibly while sitting in the drive of your beachside mansion.
My take, I'd love BTC to stay POW. Privacy, is probably going to die, at least for ticket items like houses, cars, and $10K+ off ramping. But if the worst comes to pass, there are worse fates than mortgage free home by the sea:-)
*Yes, decatrillion, 20x, 30x, 50x. That means BTC has scaled into a standard asset class and widely used money, threatening tax bases and no longer ignorable by Gvts.