Nov 30, 2021

Letter #64: Bitcoin - A Destabilizing Force For Good

Read to learn how political attacks against Bitcoin reveal how afraid politicians are of Bitcoin’s success and what it means for their own corruption.

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Joshua Guest
Your one-stop shop for Bitcoin education!
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Dear Readers,

It is a common belief in democracies around the world that politicians are meant to serve their country and their constituents with little thought for themselves, their livelihoods, or their own proclivities. Citizens in democracies are commonly enabled to elect some politicians after all. If you believe in someone’s agenda and vote them into a position of power, shouldn’t you then have some expectation that they will use that power to represent and protect you and your family?

While there are certainly some politicians in the world who put their own interests aside in favor of their country and their constituents, we are bombarded with nearly constant examples of politicians who say one thing and do another, no matter the consequences. Who can forget when U.S. Senator Elizabeth Warren was caught flying to an event in a private plane after making environmentalism and the “Green New Deal” a chief cornerstone of her ideological platform? Another similar example came just last week when U.S. President Biden chose to blatantly ignore a store’s mask mandate, even after he and his administration have spent months begging all Americans, including those who are vaccinated against COVID-19, to wear masks in public spaces. Actions speak louder than words, and these actions show that many politicians prefer to serve their own interests at the expense of everyone else’s.

There is perhaps no greater example of political self-dealing than in financial markets. Day after day, politicians mortgage their respective countries’ financial futures for generations by taking out debts that they have no hope of paying off and by inflating away the value of citizens’ savings by expanding the money supply at an ever-quickening pace. Their ability to completely control the money supply and their desire to ingratiate themselves with citizens through easy money policies is a toxic combination. It should come as no surprise then that Bitcoin, which is wholly resistant to political machinations, has received vitriol from some of the most recognizable politicians around the world, even quite recently.

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