US Senator Cynthia Lummis to Ensure Congress Understands Bitcoin Is a ‘Great Store of Value’ – There’s a lot of speculation in Bitcoin about how it will play out with governments/central banks. In my opinion, as nation states begin to fight this technology with increased taxation, regulation, CBDC’s (Central Bank Digital Currencies), & possibly one day straight up confiscation (Which is impossible unless they commit extortion or some form of blackmail); I’m betting more government officials on the inside will effectively start front-running their own people – Bitcoin is game-theoretic & it’s users are driven by it’s economic incentives.
They will realize they are fighting a losing battle. As the majority of citizens take to the streets & demand justice; the intelligent ones will take Bitcoin’s side & evangelize it also. The leftover politicians caught up in the old paradigm – “Let’s tax citizens to no end and use inflation & other forms of money printing to acquire revenue – in order to pay off this debt”. Hint: the debt can never paid back, it’s run out of control. The ship will sink no matter what; might as well start boarding the life boat – Bitcoin.
A more voluntary paradigm is emerging; one that hold individuals accountable & closes the divide on equality. Bitcoin is a tool to defend human rights; it puts each & every human on a more level playing field. There are clearly a lot of bad actors in government, although I’m certain there are a lot of good ones too; who are driven to make the world a better place. These people will be drawn to Bitcoin, they just don’t know it yet. Bitcoin will reveal the good & bad actors in government – It is like hidden trust test. Bitcoin’s trust-less nature removes the human component – corruption. If you are able to control the money supply & the people, this only encourages the wrong motives.
As well as being a safety boat, I think Bitcoin will act like a safety net as the world’s financial system comes crashing down; as we transition from government money to network money. Hopefully Bitcoin can prevent wars fueled by government debt. Bitcoin is the reset we need. Yes it’s not ready for global adoption, however put under pressure I think it’ll still be a great tool. There are many different ways to use Bitcoin off-chain to avoid congestion & high fees – Lightning being the best in my opinion. Yes, It takes more time to figure it out (It’s still not hard though), but when thrown in the deep end, humans tend to adapt.
Bitcoin will completely redesign money & the political-sphere. Maybe we end with many smaller governments in the world – like predicted in the Sovereign Individual. Time will tell how this plays out; however, I think one thing is for certain, Bitcoin is going to play a massive role in the coming years.
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