This is an opinion piece by Peter Conley, Product Advocate at Vercel.
BlackRock partners with Coinbase to offer services bitcoin isn’t just good for bitcoin, it’s awesome for bitcoins. Because bitcoin is for everyone – and I mean everyone; it’s not just for the plebs or the technologists 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’s for every saint and every sinner. For every Buddha and every bastard. For every poor man and every billionaire. For every mother and every daughter. For every father and every son.
This is not limited to the present day; this would also apply to the past. Bitcoin would have been for Mother Theresa and Adolf Hitler. It would have been for Genghis Khan and Jesus.
Most wars, past and present, are financed by the hidden tax of inflation, not by direct taxation. This is the most common way for unpopular policies (which are usually destructive) to be imposed on the population.
With bitcoin, World War II would never have lasted so long. With bitcoin, the war in Iraq probably wouldn’t even have started. With bitcoin, the military-industrial complex would be 10 times smaller.
With bitcoin, “too big to fail” companies could not exist. If we really had hard money, companies that can’t survive without cheap debt or taking reckless risks would be eliminated as a natural compensation function.
With bitcoin, bankers couldn’t have been bailed out during the global financial crisis of 2008 and BlackRock wouldn’t be nearly the size it is today, nor would JP Morgan or any of those other institutions. in search of rent.
In the long term, bitcoin takes power away from warmongers and those who must inflate the money supply to buy and produce endless weapons and wage endless wars.
It takes power away from people who bask in games and businesses based on zero-sum trading. It will take power away from the overfunded system we currently have, one where derivatives traders are more valuable than top doctors.
Bitcoin empowers people like Jack Maller on Jamie Dimon. It empowers those at Bitcoin Beach instead of the International Monetary Fund. It empowers Ukrainian citizens fighting the Russian insurgency.
Jeff Booth Have you ever wondered, “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’s become “a vortex of positive incentives,” as Robert Breedlove likes to say.
This means that we will start to see all types of countries, leaders, entities and people piling up there. Even those who were able to benefit and speed up the current failing 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 put us in the position we are in today, are the ones who can accelerate bitcoin adoption the fastest.
In the early days of Facebook, they had to grow user by user. Nobody could individually bring a billion users to the network, but now you can 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 will not reach where it needs to go. In order to bring the world onto the bitcoin standard, it will take those who benefit from and are addicted to the fiat standard.
The Saudi Sovereign Fund can advance the puck with an allocation as quickly as 3 million plebs. The Norwegian government pension fund can effectively double the price of bitcoin if it wants to. A family office can pull more coins from the market and put them in cold storage faster than the first 100,000 users. BlackRock’s clientele can drive up prices faster than any army of plebs.
These are good things, not bad things. It is the epitome of “gradually, then suddenly”.
Yes, it stings knowing that rent seekers and violent actors will probably end up with more sats than you but, in the long run, that doesn’t matter. I’m here for the better future on the other side, not for unhealthy gains.
A brighter future means widespread adoption by as many souls as possible.
With bitcoin, 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 size and reach.
So yes, I’m all for BlackRock providing bitcoin services. Because bitcoin is the ultimate Trojan and the old legacy financial system is Troy.
I don’t know about you, but I’m cheering because BlackRock opened the doors.
Now all we have to do is get started.
This is a guest post by Peter Conley. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.