Bitcoin is for everyone, including enemies, so BlackRock offering bitcoin services to their clients is ultimately a good thing for bitcoin adoption.
This is an opinion editorial by Peter Conley, a product advocate at Vercel.
BlackRock partnering with Coinbase to offer bitcoin services is not just good for bitcoin, it’s great for bitcoin. Because bitcoin is for everyone — and I mean everyone; it’s not just for the plebs or the technologists or the “tech bros” or the cryptographers or the early adopters.
Bitcoin is for Vladimir Putin.
Bitcoin is for the Dalai Lama.
Bitcoin is for Kim Jong-un.
Bitcoin is for Eckhart Tolle.
It’s for every saint and every sinner. For every Buddha and every bastard. For every poor person and every billionaire. For every mother and every daughter. For every father and every son.
That’s not limited to the present day; it would have applied to the past as well. Bitcoin would have been for Mother Theresa and Adolf Hitler. It would have been for Ghengis Khan and Jesus.
Most wars, past and present, are funded through the hidden tax of inflation, not direct taxation. It’s the most common way for unpopular policies (that are typically destructive) to be forced onto the populace.
With bitcoin, WWII would have never lasted as long as it did. With bitcoin, the Iraq war probably wouldn’t have even started. With bitcoin, the military-industrial complex would be 10 times smaller.
With bitcoin, “too big to fail” businesses couldn’t exist. If we had truly hard money, those businesses that can’t survive without cheap debt or which take reckless risks, would be washed out as a natural clearing function.
With bitcoin, the bankers couldn’t have been bailed out during the Global Financial Crisis of 2008 and BlackRock wouldn’t be nearly the size it is today, nor would J.P. Morgan or any of those other rent-seeking institutions.
In the long run, bitcoin takes away power from the warmongers and those who must inflate the money supply in order to buy and produce endless weapons and conduct endless wars.
It takes power away from people who bask in zero-sum trade-based games and businesses. It’ll take away power from the over-financialized system we currently have, the one where derivative traders are more valuable than top-tier doctors.
That means we’ll begin to see all types of countries, leaders, entities and people piling in. Even those that may have benefited and accelerated the current broken system — and that’s okay. It’s part of the process.
Back in the early days of Facebook, they had to grow user by user. No one could individually bring a billion users to the network, but you can now bring a billion dollars to the Bitcoin network, or ten billion, or a hundred billion.
Yes, the retail market is what got bitcoin to where it is now, but it won’t get to where it needs to go. In order to get the world onto the Bitcoin Standard, it’ll require those who benefit from and are addicted to the fiat standard.
Yes, it stings knowing that rent seekers and violent actors will probably end up with more sats than you but, in the long run, it doesn’t matter. I’m in this for the better future on the other side, not for the sick gains.
A better future means widespread adoption by as many souls as possible.
With bitcoin, the financial entities like BlackRock and similar hedge funds, who produce nothing and are the benefactors of the Cantillon Effect, will eventually be reduced to their proper size and scope.
So yeah, I’m all for BlackRock providing bitcoin services. Because bitcoin is the ultimate Trojan horse and the old legacy financial system is Troy.
I don’t know about you, but I’m cheering because BlackRock opened the gates.
Now all we have to do is roll on in.
This is a guest post by Peter Conley. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.