We are quickly approaching the assumption of a sovereign state, as game theory plays out in front of the eyes of the Bitcoiners.
That really feels like the “sudden” part. Much work has been put into Bitcoin Beach over the past year to inspire El Salvador to make Bitcoin legal tender this week, but it has happened incredibly quickly for the public. The live announcement at Bitcoin 2021, the law was passed a few days later by a super majority of the El Salvador legislative assembly, and that same night the president was asked if El Salvador was considering mining on Twitter spaces. The next day he tweeted about a volcanic mine:
I remember seeing predictions in 2017 that companies would slowly get involved after the next halving, and maybe nation states would get involved in the cycle after that, and maybe a central bank would get involved by 2030. I think it is undeniable that we have entered a new era in Bitcoin history where the stakes are much higher. The first nation-state is there, and they’re moving fast. By default, all other countries are now subject to bitcoin game theory and the opportunity costs that individuals and businesses have faced. In the past few days it has been hard to keep up with the new Latin American politicians who are adding laser eyes.
With the higher acceptance, more powerful enemies come. Last month, Elon Musk tweeted misinformation about Bitcoin mining that resurfaced the energy FUD that had been debunked for years.
We got this from Elizabeth Warren on June 9th:
It’s crazy to think that someone could be so unintelligent and / or uninformed about their position.
At least she is self-aware:
Trump called Bitcoin a downright scam:
We also received this brainlet suggesting that we are making open source code illegal:
Finally, the equality-loving humanitarian IMF stepped in:
This is a lot of noise and not a signal, but it is important to know your enemy. We say Bitcoin deserves, and it does, better critics, but in terms of its ability to alter the narrative, spread misinformation, and slightly delay hyperbitcoinization, these are some worthy opponents.
It really feels like the beginning chapter of Bitcoin’s history is over. I don’t know what this next chapter is called or how long it will take, but it feels a lot more serious, like it’s not a game or an experiment anymore.
It’s hard not to see last week’s events through The Sovereign Individual’s lens. Countries like India and China that are banning themselves from Bitcoin will harm their citizens by cutting them off from an inevitable innovation in freedom and financial integration into the global economy. At the same time, as countries follow El Salvador’s example, bitcoiners will actually be able to live like sovereign entities and cross borders into the country that offers the most favorable conditions. Nayib Bukele openly answered unwritten questions from Bitcoiners on a Twitter room, and the Bitcoin For Countries playbook is being published as open source and shared with any nation that needs it. It is very clear that the world is naturally moving in the direction of the information age outlined, and Bitcoiners are leading the indictment through all fiat roadblocks.
Meeting people at the Bitcoin 2021 conference really confirmed for me that we are on the right side of history. It’s great that we’re getting rich along the way, but Bitcoiners really care about fixing many of the problems caused by the fiat world. I saw 12,000 people inspired to help strangers around the world who are unbanked, oppressed, or victims of the ripple effect of fiat monetary policy. In the fight for freedom and property rights, Bitcoin is one of our most important tools. If you’re still looking at it as just another investment, then you should listen to Alex Gladstein’s talk or watch Jack Mallers talk at the 2021 Bitcoin conference.
The dominoes are falling and it is an honor to stand with the plebs in the battle for the truth.
We win. Don’t give them a damn inch.
This is a guest post by Chad_Capital. The opinions expressed are solely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.