And in the presence of Bitcoin, if the Fed runs the same playbook they did in 2008, it'll have the opposite effect. Back then, everyone was in USD-linked assets because there was no alternative. So the cost of QE was spread across unsuspecting billions worldwide, and everyone was diluted to pay for DEI mortgages.

Today, Bitcoin holders see it coming. So any big print like 2008 will boomerang on fiat holders. The more fiat you hold, the more of your net worth will be diluted away to pay the unpayable debts of this failed state. Everyone will be expropriated to the extent they trust the US government.

7) THEY MAY USE FORCE LOCALLY AGAINST BTC
Remember how the media flipped from attacking social media as unimportant to attacking social media because it was too important? That may come for Bitcoin.

Because we already know that a president without Twitter isn't really president. Soon a government without Bitcoin won't really be a government. It'll be like an old government without gold; it won't be able to pay for things. And the thing is, lack of money is even more important than lack of media. So expect the delayed reaction to Bitcoin's rise to be...frantic.

I wouldn't want to live in a blue state then, because the Keynesians will whip up hatred against Bitcoiners as their Communist predecessors did against kulaks. They'll call hodlers hoarders, they'll denounce them publicly, and things will get extremely nasty.

Just visualize the same BLM/antifa/Hamas mobs that have been burning buildings and blocking roads for the better part of a decade, except this time with the support of blue-controlled police and military. If that sounds unrealistic, remember that's what literally hundreds of millions of people endured in the 20th century under communism. This time, however, the farthest left regime in the world is in DC — not overseas — and when it runs out of money, it will run after yours.

So if you stay in a blue state, I hope you can shoot like Rittenhouse. Many millions of people have already moved from blue states to red states (or abroad) because of crimes, syringes, and feces — and it might be good to join them sooner rather than later.

8) THEY CAN'T USE FORCE GLOBALLY AGAINST BTC
Here's the good news. While Canada and much of Western Europe may end up following DC's lead, there will probably be enough purple states, red states, and foreign states — enough places run by genuine liberals, centrists, conservatives, and libertarians — that DC won't be able to seize all the BTC. This regime is losing to the *Houthis*, so it likely can't take everybody at once.

9) YES, THERE ARE MANY COUNTERARGUMENTS
I already hear you. There are many counterarguments to the scenario I just raised.

- Isn't all the ETF Bitcoin custodial?
- Aren't all Bitcoin holders known to the state?
- Doesn't Bitcoin have limited onchain scalability?
- Isn't Bitcoin limited in terms of its privacy?
- Can't Big Tech surveil everyone?
- What about China, and AI, and so on?

And so on and so forth. There are probably 20 more FAQs of this nature, and it's worth a follow-up post. But the short answer is: sure, there are many possible scenarios where the regime still wins, but as you think through the chess match it is also now possible that they lose.

For example: will the regime have the cooperation of Wall Street in an attempted seizure? How many onchain transactions do you actually need to convey a global price signal? And won't there be many states like El Salvador and likely Texas/Florida/Hungary/etc that flip to Bitcoin? The fundamental question is whether the bad people behind the Fed can outsmart the good people in Bitcoin. And thus far, the Network has outpaced the State.

10) THIS IS THE REAL ELECTION
So: that's why BTC vs USD is the real election. It's more important than GOP vs DNC. It's an election where one candidate is *un*controlled opposition. It's an election where the whole world legitimately has the franchise, because the whole world is diluted by the dollar. It's an election where the world can deprecate the 20th century centralized state, and reverse a century of Keynesianism and Communism.

Polling has begun.
Go vote early and often.

🔗 Balajis

The Argentine Senate passed a law that creates a registry for any institution that offers cryptocurrency services in the country. The CNV, the Argentine securities enforcer, will manage this registry, which also establishes obligations for crypto companies to deliver personal information on their customers and other data to government entities. Argentine Senate Passes Crypto Anti-Money […]
https://news.bitcoin.com/argentine-senate-passes-reform-creating-cryptocurrency-entities-registry/