May 20

Letter #113: Nation-State Adoption Is The Name Of The Game

Read now to learn why nations will continue to flock to the Bitcoin standard in order to help their citizens find financial freedom and stability.

 
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Dear Readers,

Adoption in the Bitcoin space is a sight to behold. People from all walks of life are banding together to form a new Bitcoin economy that allows people to achieve the total financial self-sovereignty that many have dreamed about for decades. We stand on the precipice of a world in which financial success or ruin is no longer determined by a small group of elites in far-off government halls.

Adoption is also accelerating. Bitcoin has been around for over thirteen years and its group of adherents has grown in that time from a limited number of cypherpunks on an obscure mailing list to tens of millions of users around the world. And the Bitcoin network may be on the cusp of welcoming tens of millions more people if President Nayib Bukele of El Salvador has his way:

A couple years ago, most people would have laughed at the idea that entire countries would willingly choose to accept Bitcoin at the national level. But in today’s world, that reality is a foregone conclusion and the question simply revolves around not if there will be more nation-state adoption of Bitcoin, but who it will be and when they’ll make their move.

Given the accelerating pace at which governments are adopting the Bitcoin standard, I’d like to discuss why they’re finding that Bitcoin is such a powerful tool for their citizens, and why it can be such a powerful tool for you too:

Kicking The Powers That Be To The Curb

The world’s financial system is pretty messed up. A handful of powerful governments and quasi-governments, like the United States, European Union, China, and International Monetary Fund, rule over the global economy with an iron fist. They more or less dictate who can participate in the system and whether or not they’ll participate on equal terms with everyone else.

That setup is a real problem. For starters, it means that the majority of the world’s nations have to pander to the whims of their financial overlords instead of spending their time improving the lives and livelihoods of their citizens. But perhaps even worse than that is the fact that the current system enables the countries at the top to export the burdens created by their bad financial choices to the developing world through inflation of the “global” currencies simultaneously being forced on everyone.

Under that context, we should not be surprised that the countries flocking to El Salvador are from the developing world. Nor should it be surprising that the countries profiting off of them are trying to scare them away from Bitcoin adoption. Developing nations are highly incentivized to break free from the financial system that has held them back for centuries, while the countries on top are scared about the ramifications of losing their financial monopoly over the world.

Let them be scared.

The Power To Choose

Bitcoin is all about enabling each user to make their own choices. You can custody your own Bitcoin or you can let someone else hold them for you. You can run your own node or you can pay someone else to process your transactions. You can choose top-notch security on the base layer of the blockchain or you can prioritize transaction speed and cost by moving to a Layer 2 solution like the Lightning Network. Make your own choices, good or bad, basically.

Isn’t that how life should be? Is there any reason why our ability to choose should be limited or outright taken away by a bunch of bureaucrats who claim to know what’s best for us, but really have no idea? The answer is that each of us should have the sole ability and responsibility to choose for ourselves, unless we choose to willingly give that up.

Bitcoin makes that possible, especially in a financial context. The Bitcoin blockchain is open to all and the community behind it actively rejects interference from any gatekeeper. And that’s how money and finance should be: free from the biases of any one party at the expense of another.

So why are dozens of countries around the world entertaining the idea of joining the Bitcoin economy? Perhaps they’ve finally realized that their duty is to protect the interests of their citizens. All of them. I believe that no tool serves that purpose more completely than Bitcoin.

Time will tell whether the governments of the world agree. I think they will.


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