It’s funny in a tragic kind of way, Bitcoin spent fifteen years trying to escape the banks, only to end up in their ETFs, politely shaking hands with Larry Fink. The revolution didn’t die; it just got listed on Nasdaq.
Now it trades like a high-beta tech stock with delusions of grandeur. When Powell sneezes, Bitcoin catches a margin call. The dream of monetary sovereignty got replaced by the chart that moves with the S&P, only faster, louder, and with better day trading.
It’s a cue for a new wave, protocols that don’t just mirror macro liquidity, but create their own micro economies. Privacy rails, real settlement layers, local liquidity systems, things that don’t need Wall Street’s permission slip.
Bitcoin has generated multiple ungoverned terrain out there for someone else to create a genesis block.
This is a pretty crazy video of Thiel talking about how Bitcoin has been co-opted by Blackrock and the government (in his view)
"There’s the question of the ideological founding vision of Bitcoin and these cryptocurrencies as a cypherpunk, crypto-anarchist, libertarian, anti–centralized government thing — that’s what I thought was terrific about it.
The question is: does it really work that way, or has that thread gotten lost?
When people in the FBI tell me they’d much rather have criminals use Bitcoin than 100-dollar bills, it suggests maybe it’s not working the way it was supposed to.
Have I sold any of my Bitcoin? I still hold some. I didn’t buy as much as I should have. I’m not sure it’s going to go up that dramatically from here. We got the ETF addition, and I don’t know who else buys it quickly from here. I still have a small position; it probably still can go up some, but it’s going to be a volatile, bumpy ride.
I had a dual reason: one was the ideological decentralized future of computing that I really do believe would be better, and it seemed like the perfect vehicle for that for such a long time.
I am much less convinced of that now. Maybe Larry Fink with the BlackRock ETF surrendered to the ESG forces, or maybe Bitcoin’s been co‑opted by them — and I worry it’s more the latter.”
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