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54 sats \ 3 replies \ @Solomonsatoshi 5 Dec \ parent \ on: Fed Chair Powell says bitcoin is like digital gold bitcoin
As long as the bankers can succeed in maintaining the narrative that Powell is parroting they have little to worry about.
And in pushing that narrative they have been very successful so far.
They have obstructed Bitcoin from becoming widely used as a MoE and they have succeeded in pushing its use and perception as a speculative commodity.
The ETFs are currently increasing institutional custody at a significant rate and KYC has resulted in nearly all privately held Bitcoin being tracked and traced. The vast majority of Bitcoiner do not use Bitcoin as a MoE- they hold it and see it as a speculative commodity.
As long as Bitcoin is not used as a payments protocol its not really a significant threat to the fiat monetary system hegemony as their power comes from their monopoly over payments - think of SWIFT.
The more Bitcoin is seen as a speculative commodity the more easily it is captured and controlled...and they have largely achieved this already without most Bitcoiners even realising, perhaps blinded by speculative gains - super sly huh?
If you still don't get it (I am not the best explainer sometimes!)please watch this video-
I see your point and of course they are fightning back, but still coinbase will very likely end up like mt gox, and Michael Saylor, Blackrock will end up losing tons of money maybe end up bankrupt. It simply can't work for them, coinbase is becoming a huge bank full of digital gold, either the us govt will rob everything or somebody else will, just a matter of time.
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The outcome is not predetermined. If enough of us use Bitcoin for MoE and demand the right to self custody they might not succeed in capturing the protocol. El Salvador and other safe havens are already established- the demand for sound money is strong-
We need to demand the right to spend Bitcoin as well as using it as a savings vehicle.
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Yes, I am optimistic in some parts of the world business on btcmap.org are popping up very fast, do your part as well.
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