0 sats \ 2 replies \ @Solomonsatoshi 7h \ parent \ on: Kashkari Says Bitcoin is Still Useless bitcoin
I hope you are right.
And yes the Swiss are long experienced in the protection of private wealth being the last(?) nation to drop gold backing currency and obviously having been a safe haven for wealth SoV throughout European history and Protonmail and some Swiss jurisdictions are on the right track...of freedom of choice and markets.
The Swiss also have a very localised and direct form of democracy which enables common sense to prevail where in most democracies corporate capture controls governments.
But Bitcoin might not replace fiat as the dominant currency- Bitcoin is better for individuals but not so convenient for the nation state and the private bankers who have attached themselves to our democracies.
Bitcoin might be relegated to a subservient position, being very hard to use for MoE ie never widely adopted as money and a niche SoV.
There has been a succession of reserve currencies and the USD era looks like it may be closing but whether Bitcoin or The Chinese CBDC Yuan (DCEP) succeeds remains for us to see.
USD vs DCEP vs BTC
In my opinion we are around 1995/1996 in terms of Bitcoin adoption relative to the Internet.
The Etfs (yes I know they are not self-custody but they are for institutions) are the equivalent to Windows 1995. And lightning is the rough... equivalent to the transition between Dial-Up modems and Cable Modems and Fiber of the late 1990s.
In the mid 1990s the internet was just starting to become for the public... and most people rarely if ever used it. I am optimistic and hopeful that Bitcoin follows a similar trajectory over the next 10-15 years.
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Government money, generally speaking, especially the Chinese kind can never compete with Bitcoin. Full stop. That's like saying the public sector (that has had a 50+ year monopoly) can compete with the private sector that is just now finding its footing. No way.
Bitcoin is already on its way to becoming a very serious store of value. Yes it's volatile or seen as 'speculative' (which is BS) but I'm not sure I would call it a 'niche' SoV?
MSTR (for all the haters out there HA) is the best performing Sap500 stock of the last 4 years and there are some serious institutions talking about Bitcoin custody and long-term value appreciation.
Now that does not mean MoE yet... but it would make sense that large institutions and ultimately banks would 'want it' before more businesses would accept it.
Personally I believe we'll see Btc as a widespread or semi-widespread MoE in my lifetime and it will probably use Lightning.
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