Bitcoin is already disrupting the status quo. Jerome Powell just said “Rapid changes are taking place in the global monetary system that may affect the international role of the dollar.” A US central bank digital currency is being examined to “help the US dollar’s international standing.”

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The crypto bubble and insane greed has been driving this push toward much tighter control. I know people don’t believe it but there will come a day when people will miss paper currency. Like wax albums. Digital and blockchain mean control and surveillance and there will for a while be Bitcoin, but it will likely fade like MySpace. It’s just a version of a technology, and not even the best version. But once governments link their own digital currencies in a manner that allows for all the same functionality and more, legal enforcement of agreements, unfortunately that will all connect the dots toward obsolescence for all of these efforts to disconnect money from the state. And crypto ”currencies” were never really “money” anyway. One can adopt the nomenclature of currencies and money, without actually creating money. Basically they were contracts like shares or travelers checks or other assets, just with a digital expression rather than a paper asset. The mania around them has been interesting, but a lot of ordinary people will lose a lot of money and not be in a position to be happy about it. Governments eventually deal with those things to make voters happy. That’s called democracy, and crypto at its core is anti-democratic as much as it is supposedly anti-fascist. The problem is dictators and corrupt leaders probably will be the biggest beneficiaries of crypto. Democracies, not so much. It undermines the state and the power of the majority to legislate and regulate. It adheres to the crevices and darkness where bad actors love to lurk, often pretending to be for the average man. It makes sense that it was popular in this era of populism that is undoing democracy. Personally, while it is an interesting technology, those who took it and exploited it, have probably pushed things too far. Not all or intending to do so, it was kind of the logic of it once certain political types got into it. Undermining the dollar and the state is not helpful. It won’t advance law and order, democracy, safe investment or freedom from theft and fraud. It really advances anarchy. That might sound cool until you lose everything with everyone else involved and then you want revenge. Then it’s just gangs against gangs. And people telling people, well, that was what was good about it. It was your choice and you blew it, tough luck. You’re responsible for yourself, no state, no law, just you and your crypto and thieves all around. People at some point don’t accept that as reality. And they have other ways of dealing. That leads to anarchy.

I don’t prefer state digital currencies either. But unfortunately it’s the logical evolution from what has been wrought by this bubble. It’s very much a dialectical result of all that is being done right now in the cryptocurrency space, by good actors and bad actors and everyone in between. Governments issuing blockchain based currencies became historically inevitable once people set certain things in motion. Good intentions inevitably get corrupted. And honestly, I do not think the resulting control that will come as a result of all of this is a great result. Though it will also bring positives, which is what will make it inevitable. It will be unstoppable.


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