...of things going on around the world at the moment that highlight the value proposition of Bitcoin. It is becoming glaringly obvious that all is not well throughout the global financial system at the moment. As you can see from the tweet above, the Italian government is eyeing its citizens' savings. Starting to drool over the possibility of raiding individuals' safety deposit boxes and stealing their hard earned money to fund the ongoing incompetence of the Italian government.
Signs of instability are not quarantined to Italy either. If you've been reading this rag over the last few weeks you'll know that we've touched on the precarious situation in Germany as Deutsche Bank's stock continues to plummet as the German 10-Year Bund treads water in negative territory (trading at -0.24% as I type). You're abreast of the fact that the Fed is posturing as if they are going to start cutting the Fed Funds Rate in the coming months. And you know that China is beginning to insert itself more and more into the dealings of a semi-autonomous Hong Kong.
(One thing we didn't mention in Monday's issue is that Hong Kong is the world's most expensive real estate market at the moment. Imagine if China gets its way. All of the Western expats living in Hong Kong and the moguls storing their wealth in that market are definitely going to be cool with China's new extradition law. Here's a good follow up interview to Monday's issue.)
Pretty big warning signals if you ask ya boi. And now, it looks like there has been a mysterious "attack" on an oil tanker in the Strait of Hormuz with the fingers being pointed at Iran. (My false flag antennae are perched and picking up a load of bullshit. Seems too perfect. [sry not sry for all the parentheses today]) Needless to say, political risk is extremely high at a moment when there are signs of another global economic crisis on the horizon. It is times like this that I am very happy that Bitcoin exists. It gives the people of Italy, Hong Kong, and those affected by Federal Reserve policy an option to store their wealth outside of systems that are becoming increasingly spastic. There seems to be a beacon of light presenting us with an opportunity to opt out of all the petty bureaucratic bullshit that runs the world today.
That is why I am extremely disheartened when I see men like Ben Hunt, who I have an immense amount of respect for, so nonchalantly dismiss Bitcoin because it will be "criminalized".
Should we bend the knee at the feet of our government overlords and give up building and fortifying one of the most freedom preserving tools this world has ever seen because they deem it "bad"?
We humans find ourselves at a crossroads. We have the option of submitting ourselves to the inevitability of the State's proliferation, with China's digital panopticon eventually being exported across the entire world. Or rolling our sleeves up, taking advantage of the opportunities that have presented themselves in the form of open source software like Bitcoin, building new systems that are inherently open, and ensuring that future generations are able to live free. It is imperative that we do not submit so easily to the demands of an antiquated system applying an anachronistic hierarchical structure to a world that has entered the Digital Age. Have some dignity. Have some confidence in our ability to solve problems and build systems outside of the guise of the State. Let go of a worldview that constricts you to Industrial Age thinking.
The good thing is, the State's war on Bitcoin is well underway whether you know it or not. We'll be able to see if the criminalization of Bitcoin by these extremely disliked governments is met with open arms or strong push back. (FATF guidelines are dropping real soon!) My hope is that there are enough strong-willed men out there to push back. Future generations are depending on us.
The sportsmanship on display in the handshake lines after a hockey playoff series is over. We need more of that outside of hockey.