The Context S05E10: Bitcoin Doesn’t Care
Channel: David Orban
Date: 2022-04-23

Does Bitcoin matter? Does Bitcoin care? What do you think about it?

The President of the United States believes that Bitcoin indeed matters. He labeled it a potential threat to the national security of the United States of America.

I don't think that Bitcoin cares about what the President of the United States thinks about Bitcoin, which is kind of the point; for 1000s of years, the way that we designed the money was such that what people thought about that particular kind of money influenced the money, and the behavior of that money and the rules under which that money would be able to exist.

What will be the next step? The next step is that Bitcoin will still not care. Bitcoin will still do its own thing, the network that will enable anyone to transfer value in an unfettered manner and without any possibility of nation states stopping it or organizations interfering. The European Union, for example, is the latest to delude themselves that they will be able to stop Bitcoin. The European Parliament voted a few weeks ago a resolution that will be implemented in all the member states that will impose reporting requirements on Bitcoin exchanges that are stricter than not those imposed on any bank. A bank is required to report on the source and the destination of a transaction when it is larger than the equivalent of $10,000 or 10,000. Euro. The rule that is now going to be imposed in Europe is for this reporting to apply at any amount being transferred; it is frankly, ridiculous, and it is not going to achieve whatever supposed desired effect the legislators felt they would need to act in order to achieve because Bitcoin doesn't care. 

You should care about what the nation states are doing, and I am looking forward to understanding that you are caring, but you should also care for yourself and be fine with the fact and recognize your ability to let go of the feelings that you have towards Bitcoin, because Bitcoin doesn't care.

#finance #bitcoin #money