Everywhere you look these days, all you see is fud. China fud, USDT/USDC fud, CBDCs/regulations/taxes fud, and the list goes on and on. But is any of this a surprise?
The entire premise of cryptocurrencies is to one day enable us to opt out of the legacy financial system and no longer be forced to use money backed by the state. It’s about giving us the ability to circumvent government compliant banks and intermediaries who don’t always have our best interests at heart and take back our sovereignty.
Yes it would be nice if the world’s political leaders saw the benefits of this technology and embraced it with open arms, but that would be naïve. As former US President James A. Garfield said, “He who controls the money supply of a nation controls the nation.” And I don’t see those in power simply giving up control of their nations because they’re convinced crypto is better.
This is what makes crypto unique as a new technology. It threatens the power structure. This is why it’s important that cryptocurrency projects are sufficiently decentralized and distributed so that there is no single point of failure. It’s what ensures these networks remain up and running while also being censorship resistant.
Why would bureaucrats whose power and income depend solely on the existence of the government be in favor of a tool that potentially makes the government obsolete? They wouldn’t. That’s why allowing a handful of people to impede technological progress that can help improve the lives of billions sets a horrible precedent. Imagine if steamboat manufacturers deemed the internal combustion engine to be too dangerous and had it outlawed? What if the printing press had never been allowed to develop, or the internet? I believe that every great technology has advanced the human species in a significant way, and to me, cryptocurrencies are just as important as those other technologies, if not more so.
The fact is it’s unlikely that crypto will be welcomed by governments around the world. This is why it’s important to understand what you’re invested in. If you don’t understand the value proposition of crypto, or you’re afraid that government crackdowns will effectively render the industry impotent, then you may want to consider selling. But if you believe in economic freedom, that this technology can’t be stopped, or that governments will continue to irresponsibly inflate their money supply to the point of no return, then betting on crypto makes a great deal of sense.
The way I see it, value is in the eye of the beholder. What I value more than anything is my freedom. That’s why I’m betting on crypto, and specifically eCash. Because I don’t see any other way to achieve the kind of wealth I now dream of.
The mission isn’t to buy low and sell high. The mission is to make crypto too big to fail and increase the overall amount of freedom in the world. The mission is to have crypto enter the collective consciousness of society so that using it becomes so normal that the making it illegal becomes as ridiculous as making the automobile illegal.
Think of the fud as a feature, not a bug. When the fud no longer matters, that’s when you know that crypto has finally won.
(Bonus clue 2: These are usually listed on the right as opposed to the left)