If The U.S. Bans Bitcoin It Will:
1) Be A Threat To National Security
2) Tie Our Demise To The U.S. Dollar
One of my favorite movies is Scarface. And, this is one of my favorite quotes:
“In this country, you gotta make the money first. Then when you get the money, you get the power. Then when you get the power, then you get the women.”
-Antonio "Tony" Montana; fictional character and the main protagonist of the 1983 film ScarfaceThe goal of money is a little different. Money's ultimate goal is to be a 'unit of account'. That is, it doesn't become a true gangsta until it hits 'unit of account' status. And, in this world, first you get the store of value, then you get the medium of exchange, then you get the unit of account.
Bitcoin is at the unit of account stage all over the world. It has arrived and there's nothing anyone can do about it. Why? Just listen to what Brad Sherman is saying below. He is our unwitting advocate.
In May, Brad made a plea to abolish Bitcoin because he views it as a direct threat to the U.S. dollar. Specifically, he wants to make the purchase of Bitcoin illegal. What implications does this have for the U.S. if the rest of the world doesn't follow suit? In a nutshell, it means there's about to be a massive redistribution of wealth from the U.S. to the rest of the world, specifically, to the those countries with the most Bitcoin.
|Brad Sherman, US Congress, Arguing against bitcoin (click here to view)|
What's key in this testimonial is that Sherman is merely stating what other nations are saying as well. And, if our enemies have an interest in hurting the U.S., one way to do so is through the strategic purchase of Bitcoin as a reserve currency, and that's exactly what's happening. Central banks across the globe are buying Bitcoin.
How Are Other Nations Responding To Bitcoin?
Sovereign states are making statements with regard to "their" reaction to the Bitcoin "threat". Some nations like Canada and Russia have embraced it. Countries all over Africa have embraced it. The entire middle east has embraced it. Brazil and Venezuela have embraced it. A few politically challenged industries have embraced it (read: marijuana, gambling, and porn). The entire West Cost of the United States has embraced it. This is why the price refuses to go down. It has too many advocates and that advocacy grows with every bomb, sanction and tariff.
Meanwhile, what are Americans being told? Bitcoin is simply a modern day case of tulip mania -- it's a nothing burger, a scam, a Ponzi scheme, a tool for criminals, punks and terrorists. And yet, one Bitcoin is still worth more than an ounce of gold.
The truth is, Bitcoin has already become the world's reserve currency, but we (Americans) are the last to know. And, if folks like Brad Sherman have their way, Americans will be left out of owning Bitcoin altogether.
What Does That Mean For The Coming Redistribution of Wealth?
What does this mean for the future? From a global perspective, it means the meek will inherit the earth. From a national perspective, it will play out in a civil war between the banking and technology sectors; the old and the new guard. America will continue to evolve and thrive, but there will be a reckoning of sorts, a changing of the 'money' guard as the value of all assets backed by the U.S. dollar, directly or indirectly, gets absorbed by Bitcoin.
Bitcoin Represents a Threat to The Permanent State, Not America
The truth is, Bitcoin represents a threat to sovereignty and the current power structure, not America or its values. In fact, if America's forefathers had Bitcoin, they would have used it. They were advocates of a small and limited government, by the people and for the people, not this. The war between America and the Permanent State's government is coming, but America's adoption of Bitcoin will make sure America doesn't get taken down with the Permanent State's dollar scheme. America is an ideal, not a currency. We let the dollar use our name for a while, and now we want it back.