First, they ignore you. Then they laugh at you. Then they fight you, and then you win. This has always been the trajectory of Bitcoin and crypto. That someday it would become a large enough threat that the US government could no longer ignore it. That if left alone, it could grow to a point where it could take away the largest power that the US has. The power over the dollar.
In back-to-back days, the SEC has sued both Binance and Coinbase. The two largest and biggest brands in crypto. While there have been suspicions and theories in the past. They aren’t even trying to hide it anymore. The US government is clearly attacking the crypto industry. Causing Bitcoin and crypto to enter a fight for their survival.
We are in the “then they fight you” stage. While this fact alone may cause many to panic and even consider selling out of their positions. The truth was that this was always going to happen. Bitcoiners have been talking about it for years.
The time has come for us not only to continue investing in this market. But, now we also must join in the fight to protect it. Liking or retweeting posts you see on social networks isn’t enough.
So what can you do?
How can you protect your own investments and help the crypto industry?
Let’s first start with protecting your investments. If there is anything you should have learned from the last year with the countless insolvencies that have occurred throughout the industry. It is that you need to take self-custody over your own crypto. One of the core philosophies of crypto is that you should only trust yourself. Keeping your funds on exchanges, lending services, or anywhere else where you don’t own the keys, is similar to having your funds on banks. It’s no longer your money. You are then hoping that they will return funds when you request a withdrawal. People who have had their funds frozen on services like BlockFi, Celsius, and FTX have learned this lesson the hard way.
Helping the Industry
One of the easiest things that most people can do to help the industry is to continue buying. Especially on services that are willing to go head-to-head against the US government. Exchanges like Binance and Coinbase. These are the companies that have big enough cash reserves that they can actually stand up to governments and take them on. But they also need our support. While an exchange like Coinbase does have higher fees on trading and staking compared to other exchanges. However, if you are a US resident and want crypto to remain in the US. Then supporting these businesses is one of the best things you can do.
After that, we need to go even deeper. It’s time to let our politicians know how important crypto-related issues are to us. Call, email, and even meet with your politicians to tell them how vital these issues are to you. Even letting them know that this will be the deciding factor for how you vote. That you are a one-issue voter. Even going so far as to donate to their campaigns.
In the US it has become clear that President Biden’s administration is against the cryptocurrency industry. However, the next election is fast approaching. A number of his potential opponents are even large supporters of Bitcoin. Robert F. Kennedy Jr is a supporter of Bitcoin and the first Presidential candidate to offer campaign donations via the Bitcoin Lightning network. He has even gained the endorsement of Twitter founder Jack Dorsey.
Oddly enough Robert F. Kennedy JR’s uncle, JFK had a famous quote that could be applied well here. “Ask not what your country can do for you, ask what you can do for your country.” Directly applied to crypto, “Ask not what crypto can do for you, but what you can do for the crypto industry.”
The crypto market is in the fight for its survival, and we all need to help in whichever way we can.
How about you? How are you supporting the crypto market?
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