There are only so many people who can afford bitcoin. And even fewer who can afford to transact frequently.

I fear a class divide forming. Such divides bring an Us vs. Them mentality. And confiscatory government actions/taxation.

And because retail front ran Wall Street, Bitcoin is a wire shorting the real economy to the financial economy. Those trapped Wall Street dollars will now have a way to flow into the real economy…

I mean, didn’t you wonder how the federal reserve balance sheet went from $800B in 2007 to $4T shortly after the 2008 financial crisis AND there was minimal consumer price inflation? That money was trapped in the financial economy. But it did cause financial asset price inflation.

I predict this new channel between trapped finance money and retail checking accounts will be a big friggin deal. It won’t be pretty.