Replying to Avatar Pablo Xannybar

State intervention removed the gold standard from the people. The state had long been an enemy of the gold standard before 1971 because it limited their ability to manipulate the economy.

The US government made it illegal to own gold during the Great Depression, for instance.

In Bitcoin's relatively short life, even China has tried (and failed) to ban it like five times now.
Avatar
Bryan 2y ago

Did China fail? The utilization of bitcoin in China is unknown, but I suspect it’s under 2%.

In fact, less than 2% of people in the US run nodes.

This is actually provable.

Let’s face it, nobody uses bitcoin.

Reply to this note

Please Login to reply.

Discussion

Avatar
Pablo Xannybar 2y ago

A minority of people use Bitcoin worldwide right now.

No nation on earth was at the time using fiat money during the collapse of the Bretton Woods agreement.

The only thing we know for certain regarding the future is that the value of fiat will continue to fall due to inflation and as this continues, demand for safe harbor assets is likely to increase.

Since holding gold without a custodian is impractical for most, and trading with it even more so, Bitcoin is the obvious option.

Judging by what's happening in the market right now (e.g. the ETF applications) even investment banks whose entire business relies on fiat credit creation understand the inevitability of Bitcoin.