Issue #967: The onslaught continues from all angles
it makes it hard to believe that Bitcoin will ever be stopped.
Quick rip this evening as my mind is completely fried at the moment. Here are three stories that stuck out to me today, which highlight the fact that Bitcoin is winning from all angles.
Possibly the most underrated trend in bitcoin is NYDIG's expansion into offering bitcoin solutions to the insurance industry. Bitcoin's appreciation makes it a far better asset for insurers and their clients than depreciating fiat. https://t.co/j7RgWofNiq
— Saifedean.com (@saifedean) April 8, 2021
NYDIG's insurance solution division is hiring the former CEO of TransRe, Mike Sapnar. They already have investment from Mass Mutual and NY Life. The global insurance industry is $6t/year & it hasn't even dipped its toes in bitcoin yet.
— Saifedean.com (@saifedean) April 8, 2021
What's interesting is that Bitcoin is the only game where the pursue of self-interest dismantles the powers that be.
— Hugo Nguyen (@hugohanoi) April 8, 2021
And they can't help it despite knowing it's coming. It will be your allies, not your enemies, who will sell you out first.
Sub-Saharan Africa P2P volume hit a new all time high last week on @Paxful and @LocalBitcoins.
— Matt Ahlborg [UsefulTulips.org] (@MattAhlborg) April 7, 2021
Bitcoin is most useful in places with capital controls, high levels of bureaucracy, and weakening local currencies.https://t.co/IZzHqwcpRS pic.twitter.com/TdHTHqYxXW
First up we have the insurance company pouring money into NYDIG to build infrastructure so that they can purchase and custody bitcoin to protect the purchasing power of the claims their customers are purchasing. A ringing endorsement of Bitcoin from the hyper-conservative insurance industry is something that, as our friend Saif points out, extremely underrated at the moment. These institutions that have been around for decades, some for more than a century, do not make these types of decisions lightly. They do their due diligence and they do it very thoroughly. The conclusion of the due diligence from some of the largest insures in the US is that they need to own bitcoin to protect the value of the claims they manage. Pretty massive.
Next, the market has learned that many Ukrainian civil servants have massive bitcoin holdings. And our friend Hugo Nguyen is stating that he believes there are many billionaires and political officials in Vietnam that are acquiring bitcoin as well. Bitcoin gets much harder to stop when people in positions of power hold bitcoin. They do not want to see the value of their bitcoin drop so they will do their best to leverage their positions to protect it. Self-interest is one hell of a drug.
Lastly, the volume on peer-to-peer bitcoin exchanges in Africa is hitting all time highs. This is just reported volume too. These numbers don't take into consideration (because they can't) the amount of peer-to-peer trading that is being facilitated via chat apps, which probably dwarfs the official exchange numbers. Individuals in places with bad political situations and crappy local currencies are adopting bitcoin at a pace never seen before. The Common Man is participating in the revolution.
When you combine these stories and thing about how powerful these developments are, it's hard not to imagine a future where the floodgates are opened and people are actively encouraged to begin building on and innovating around Bitcoin. The onslaught on the global psyche as it pertains to bitcoin acceptance is happening from all angles. At the institutional level. At the political class level. At the Common Man level. It's a beautiful thing to see and it makes it hard to believe that Bitcoin will ever be stopped.
Keep pushing forward!
Final thought...
A martini with appetizers and a solid cab with the main course is the way to dine out.
