On Friday, we touched on how it is now becoming common knowledge that the Venezuelan government is holding bitcoin on their balance sheet as the peso deteriorates and as sanctions against the country tighten. However, the news of nation states coming out with, what seems like, very pro-Bitcoin stances did not end there. A video surfaced of the president/dictator of Belarus stating that he wants to use excess nuclear energy produced in the country to mine bitcoin and other cryptocurrencies. Not too long after that, we were made aware of the fact that Ukraine's new, young and enthusiastic president and his cabinet would like to make bitcoin and other cryptocurrencies fully legal. Bringing Bitcoin users out of a "legal grey zone".
An interesting mix of countries that find themselves on different points of the political spectrum signaling support for Bitcoin for different reasons. The Maduro regime in Venezuela turning to Bitcoin out of necessity to purchase goods from other nations without touching the financial network they have been banned from participating in. I admittedly don't know much about Belarus, its history and the current political climate, but the video linked above seems pretty straightforward. The country's dictator is at least contemplating the possibility of using excess energy to mine bitcoin. Ukraine looks to be the most "by the book" of the bunch, pushing for legalization so that they can get that sweet sweet tax revenue from trading. But it is an endorsement nonetheless.
We find ourselves at an interesting juncture, freaks. As the Western powers that rule the world today scramble to stabilize the dominant monetary system of the planet, countries that are downtrodden, a bit under the radar, or transitioning to a more digitally progressive regime seem to be open to Bitcoin in one way or another. At the very least, in an experimental way like Belarus and at the most extreme as a last resort for acquiring needed goods like Venezuela. The central bankers and politicians from G10 countries are currently being forced to rush from fire to fire with gasoline like negative interest rates and more QE as they also attempt to navigate the clown world of modern day elections. One has to wonder if Bitcoin may sneak up on the incumbent power players as they attempt to put their houses in order.
Behind the scenes and under the radar, smaller countries with little to lose are slowly but surely incorporating Bitcoin into their play books. Preparing for a future with a distributed apolitical censorship-resistant sound digital currency. We in the West may wake up in the not too distant future to a world that has silently placed one foot in an uncontrollable digital economy without us. That would be a damn shame.
If that does become the case, it will be interesting to see how heated the war to curb the spread of Bitcoin gets. Here's to hoping for rational minds to prevail. If history teaches us anything though, that may be wishful thinking.
I love pork but hate the morning after.