The below is a direct excerpt of Marty’s Bent Issue #1084: “Who is going to seize the opportunity?” Sign up for the newsletter here.
China banned cryptocurrency last week.
Let’s do the opposite. The US government should buy a strategic reserve of Bitcoin — Fort Nakamoto, the new Fort Knox.
Related: my U.S. Senate campaign now accepts BTC donations. DM me or write [email protected] for info & to donate.
— Blake Masters (@bgmasters) September 27, 2021
The world is being presented with a massive opportunity by way of China as they seem adamant about actually banning Bitcoin activity within their borders. As Blake Masters points out, if the US government was forward thinking, they would take the exact opposite approach and welcome Bitcoin with open arms, hold some in reserves, and encourage US citizens to build businesses and create services that increase Bitcoin’s utility.
While I’m not holding my breath and expecting the US government to do any of this, I am very bullish on individual Americans seizing the opportunity without waiting for permission. In fact, I can confirm that this is already happening in the mining industry where entrepreneurs are moving at a rapid pace to deploy more hashrate on American soil while getting the energy industry bought in.
Secret Bitcoin meet up between oil & gas and Bitcoin miners pic.twitter.com/WGzTlseVJl
— max gagliardi (@max_gagliardi) September 23, 2021
Regardless of whether or not the federal government gets exposure to bitcoin, the number of American citizens and businesses who hold bitcoin on their balance sheets is only going to increase from here. I also won’t be surprised when individual states announce they are accumulating and holding bitcoins in their treasuries. This would actually be much preferable to the Federal Government getting exposure. We want to embolden states while shrinking the Federal Government’s influence over the country.
It has never been less risky to hold and champion bitcoin. Over the course of this year some of the most potent Bitcoin FUD, which for the better part of a decade has revolved around the concentration of hashrate and ASIC manufacturing in China, has been thoroughly disarmed by the Chinese Communist Party as they decided to kick out mining operations in June and to kick out the ASIC manufacturers earlier today.
This is extremely bullish. Shifting the manufacturing of ASICs which are critical to Bitcoin's security away from China is a huge de-risking moment for the network. https://t.co/lmazMS9jsO
— Marty Bent (@MartyBent) September 27, 2021
The opportunity is massive, Americans are trying to take advantage of it, and the only thing that can stop the industry in the US at the moment is an overarching Federal Government that gets jealous of its citizens succeeding. Hopefully we can build and ship as quickly as possible so that when that time comes it is too late. Onward!
