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Politicians and Bankers, Stop Being Afraid of Bitcoin. Let the Free Market Decide.

By ssaurel | In Bitcoin We Trust | 2 Aug 2021

In the Bitcoin world, a majority of investors spend their time focusing on the price of Bitcoin. These people are obsessed with the price of Bitcoin. As I've explained before, constantly looking at the price of Bitcoin is as pointless as constantly looking at the price of your house.

Even worse, investors who fall into this trap miss the point.

They forget to see all the things that are currently at play with Bitcoin. Things that will have an essential impact on the world of the future. As I write this, we are just over a month away from a big first: Bitcoin will become an official currency in El Salvador on September 7, 2021.

El Salvador will change its future for the better with Bitcoin

As of that date, all merchants will be obliged to accept Bitcoin as a means of payment. Many people underestimate the impact this will have on the future of Bitcoin by downplaying the significance of the event. To hear them tell it, it's "only" El Salvador, so it proves nothing.

The disdainful remarks of some politicians, bankers and economists are precisely the reason why El Salvador must try another way to build a better future.

Under the current monetary and financial system, El Salvador has no real prospect of improving its future. El Salvador will remain forever stuck in a vicious cycle of impoverishment, receiving occasional small support from the IMF (International Monetary Fund) and other global institutions.

Nothing to really change the future of the people of El Salvador.

Global financial institutions fear becoming obsolete because of Bitcoin

Bitcoin, on the other hand, gives the people of this country hope for a better future. Bitcoin is a system that gives power back to the people and will allow for the immediate banking inclusion of tens of thousands of Salvadorans who have been waiting for years.

If the Bitcoin experiment succeeds in El Salvador, and it will, many other countries will certainly follow the lead of Nayib Bukele.

The IMF fears becoming obsolete because of Bitcoin. In reality, the IMF is already obsolete, but a majority of people have yet to realize this. Thanks to Bitcoin, that will happen in the next few years. The World Bank is also upset about the adoption of Bitcoin without even understanding that Bitcoin is the World Bank of the people.

Faced with the danger that Bitcoin represents for the current monetary and financial system, the IMF published a blog at the end of July 2021 entitled: “Cryptoassets as National Currency? A Step Too Far”.

IMF just attacked Bitcoin to better pave the way for CBDCs

In this blog post, the IMF aims at Bitcoin, in particular, continuing its warnings to El Salvador. For the IMF, Bitcoin “comes with substantial risks to macro-financial stability, financial integrity, consumer protection, and the environment”.

The institution goes on to explain that Bitcoin comes with certain advantages, “including the potential for cheaper and more inclusive financial services”. The point here is not to extol the merits of Bitcoin, but rather to make it clear that governments must make the effort to provide these services themselves.

The IMF is paving the way for Central Bank Digital Currencies (CBDC), which will be a hot topic for many countries in the coming months and years.

In my opinion, these CBDCs are an even worse version of fiat currencies as they will give even more power of surveillance to governments over the people. As an individual, you may have nothing to hide, but you don't want all your financial transactions to be scrutinized to create a complete profile of you.

U.S. Senator Elizabeth Warren is also attacking Bitcoin, calling for much stricter regulation because of the danger it represents

A few days later, it was the turn of U.S. Senator Elizabeth Warren to take on the world of Bitcoin and cryptocurrency by sending an open letter to U.S. Treasury Secretary Janet Yellen.

In this letter, Elizabeth Warren asks Yellen to move to implement much stricter regulation of the cryptocurrency industry, which she believes poses serious threats to the current monetary and financial system.

Warren then goes further to attack the developers of Bitcoin. For her, a complete emergence of Bitcoin would put the financial system “at the whims of some shadowy, faceless group of super-coders and miners”. This is clearly not something she wants.

Such an attack by a politician is not surprising, but it shows how fallacious the arguments used are.

There is no more transparent and open system than Bitcoin. Anyone can check what's going on in the network at any time by running their own node. Moreover, you can check for yourself that is the source code of Bitcoin. No nasty surprises then.

Bitcoin is more transparent than the banking system will ever be

I don't think the current banking system can boast the same transparency. It's obviously just the opposite. The current system is totally opaque, which allows corrupt bankers to launder billions of dollars every year. The people can no longer afford to tolerate this. Bitcoin gives them a weapon to break out of this vicious circle where human corruption is an insoluble problem.

Bitcoin is superior to the fiat currencies of the current system for millions of people already.

Yet many people will continue to prefer the current system out of habit. So I see Bitcoin emerging in the future as an alternative to the current system that hundreds of millions of people will have the choice to prefer if they wish.

Those who want to stay in the old system will be able to do so, but all citizens must have the choice.

The market must be able to decide what is best for it

The supremacy of Bitcoin will come naturally through the choice of the people. To the politicians, bankers, and economists who constantly attack Bitcoin and want to kill the competition, I want to say one simple thing: stop being afraid of Bitcoin, and instead let the free market decide for itself what is the best solution.

Bitcoin is a major paradigm shift that offers a different model for transferring value across time and space. It's up to each person to make up their own mind about what's best for their life and their family.

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ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.

In Bitcoin We Trust
In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

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