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I’m suspecting that the rich are going to start buying Bitcoin. The institutions have already started buying a lot of it. Something has value, because a certai
by blackrock 6y ago
I’m suspecting that the rich are going to start buying Bitcoin. The institutions have already started buying a lot of it.
Something has value, because a certain group of people believes it has value. These are the people voting for it. Then over time, this value becomes worth its weight in gold. Maybe it starts to provide other useful services. This is the weighing part of it.
Bitcoin can retain its minimal value threshold if a bunch of rich people and rich institutions all collectively buy into it, to establish a baseline support for it. Or a bunch of normal people collectively holding a few coins here and there.
The only other institutions that can mint money, which are internationally recognized, are sovereign countries.
I suspect that someone found a way to hack this process, and in turn create a new ability to store value. And in turn, created Bitcoin.
It’s like the Tulip mania, but slightly more useful.
The only way to make Bitcoin illegal is if all the major governments collectively ban and make illegal the usage of Bitcoin, and its mining process. This is the nuclear option.
What is the end goal? Who knows. Maybe these rich people want to go off somewhere and create a new country, and Bitcoin then becomes their sovereign currency, because they hold the majority shares in it.
Maybe they create a new man made island somewhere, and declare that to be their new country, and then move there to become citizens.
Or they create a rotating space station, and declare that sovereign. Like an Elysium.
Or they go to Mars, and declare the planet to be a new independent country, like Elon Musk.
Then they build an army and a military for defense, and to enforce their Bitcoin value, and get the nuclear weapons to protect themselves from other hostile nations. Now, they have a sovereign country, with a sovereign currency, and they are the super elite rich with all their ownership of Bitcoin.