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312 sats \ 2 replies \ @userbob6 16 Feb \ on: Bitcoin Jungle needs buyer adoption, not merchant adoption bitcoin
We are going to experience an unprecedented supply shock because the big wigs like Saylor and Fink are actively trying to buy and hold as much of it as they can. And they dont care about the price, they know what time it is. They know exactly what's happening and they are positioning themselves accordingly. They are not going to spend it. Many people who own Bitcoin are behaving the same way.
It's possibly another clever attack on Bitcoin, convincing everyone it's useless as a medium of exchange, and funneling them towards the 'store of value' services they offer. It leads to a scenario where they have all the Bitcoin, and we get promissory notes to trade for goods and services. Sound familiar?
10% of the people in that picture would pay with Bitcoin if 100% of them own Bitcoin. Not stating as a fact, just food for thought.
IMO you are absolutely correct.
There has been a deliberate and very sly strategy to shift the perception and use of Bitcoin from that of a P2P payments protocol to that of a speculative commodity plaything.
This narrative suits the suits- the bankers and governments- Bitcoin as a speculative commodity is not a significant threat to the fiat powers- and they are determined to maintain their fiat payments hegemony- by allowing Bitcoin as a speculative commodity they achieve their goal of preserving fiat payments hegemony.
IMO this is a certainty and very slyly adopted strategy to effectively capture and control the Bitcoin protocol.
At current rates of acquisition most Bitcoin will be held in the custody of US domiciled institutions within much less than a decade.
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If anyone is going to be spending Bitcoins in places that will also readily accept any fiat, there Blackrock will be, buying it. I know a lot of large companies have "embraced" Bitcoin, but none of them are exclusively Bitcoin.
The only way Bitcoin's true purpose will ever be realized is through coordinated mass non-participation in fiat currency. And not only fiat but crypto as well, because you know most of them absolutely are attacks on Bitcoin's utility as a medium of exchange.
We are swiftly approaching a bottleneck in terms of time and abilities. Every day we continue like this, the minds of those falsely led to believe the store of value racket are further sundried in concrete.
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