backpacker said:
In cloud cuckoo land.
I do not need any banned goods. So, no need for any "seperate money".
Click to expand...
They will not ban it or regulate it to death, not because of the goodness of their hearts but because all the corrupt bureaucrats and politicians - and there are many of them - will want Bitcoin.
Take just the ex Minister of Defense in Guinea, who was ousted in a coup like two years ago. It was found that he had the following possessions:
60M USD in cash
75.8 kg of gold
17 diamonds
47 Villas
53 Apartment buildings
18 Luxury vehicles
7 Hotels
12 Factories for the production of bottled water and fruit juice
16 Chicken farms with a total of 2 million chickens
Exclusive rights ot export Cashew nuts from Guinea
Various mining concessions
This guy was too old to get Bitcoin, but the next generation of guys like him will totally have large Bitcoin posessions, and there are lots of guys like him.
Also when a type of money is being debased, people go to another type of money that is harder to create more of. Has happened many times in human history. In Latin america typically an inept dicator/socialist will print his own currency into oblivion and try to stop the population from moving over to the harder US Dollar, calling the dollar imperialist money, imposing capital controls, cracking down on black market exchanges and imposing a far from market exchange to himself and his cronies. But it never works, people move over to the dollar anyway.
And where will people move to when the US starts acting like a latin american banana republic and prints the US dollar into oblivion to cover ever increasing entitlement spending (and military spending) ? Yup, BTC.
Last edited: Nov 20, 2023
