The Next Wave Of Adoption Will Be Nation States
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So, we got in way before BlackRock 🤷🏻♂️
— Nayib Bukele (@nayibbukele) January 10, 2024
Now that the spot bitcoin ETFs have been approved after 24-hours of epic levels of fuckery and incompetence we can all accept that we now live in a world in which the financial institutions have officially endorsed bitcoin and have joined us at the party. Instead of dwelling on the minutia of the ETFs getting across the finish line, what impacts they may have on the price of bitcoin, and whether or not it is a good way to get exposure to bitcoin (it's not), let's turn to the next wave of big adopters; nation states.
Nayib Bukele sent this tweet out about 20 minutes ago as of the time of writing and it makes your Uncle Marty wonder, "How many countries out there have a bit of FOMO at the moment?" I imagine there is at least a handful of countries around the world who have seen what El Salvador, Bhutan, Oman, Russia and others have done over the last few years, have seen how the West has weaponized the SWIFT system, and are now seeing Wall Street institutions put their weight behind bitcoin that are seriously considering a bitcoin strategy. Whether that's buying bitcoin directly to store in their national treasuries or figuring out a way to utilize energy resources to mine bitcoin. I will not be the least bit surprised if we see a wave of nation state endorsements and accumulation of bitcoin throughout the rest of this year.
If you freaks think BlackRock and other titans of Wall Street getting into bitcoin is bullish for the price, just wait until a string of nation states declare that they deem bitcoin is a valuable asset to hold on their balance sheets. Things will get absolutely bonkers. And once that domino falls, there is truly no turning back. The cat will be so obviously out of the bag that no amount of brow beating or screeching about mOnEy LaUnDeRiNg and CrImInAlS will be able to stop the wave of capital flowing into bitcoin.
Now, you may ask, "Is this good for bitcoin?" And the answer to that is, "Everything is good for bitcoin." However, the stakes will be much higher and the need for individuals to step up in the face of Wall Street and nation states stepping into the fray will be higher than ever. Make no mistake, the Wall Street types and nation states will band together in an attempt to neuter bitcoin to the best of their abilities. It will be imperative for individuals to stand up and let the people who have deemed themselves the smartest people in the room to sit down and accept that bitcoin can only succeed if the properties of full node distribution, backwards compatability, hashrate ownership distribution, permissionless access, and the 21,000,000 supply cap are respected and upheld.
They, too, can reap the monetary benefits of the best money the world has ever seen, but to do so they will have to concede that those benefits only come if freedom to receive, hold and send bitcoin in a self-sovereign way is respected. We're crossing the chasm, freaks. And the great crossing will come with some epic battles. Prepare accordingly.
Final thought...
Every single one of my dreams last night involved eating.
