I can remember when Bitcoin used to be ignored (or ridiculed) by the mainstream media. Lately, however, it is being covered and promoted in the news more than ever. Watching this trend from dismissal to endorsement over the last decade has made me both optimistic, and a little bit suspicious.
Not only is Bitcoin being talked about more in the news, but now we have countries, states, and corporations starting to add Bitcoin to their "strategic reserves" as well.
Why has state and corporate Bitcoin adoption become so trendy, especially lately?
Bitcoin Adoption Accelerates
US President elect Donald Trump, who was anti-crypto just a few years ago, recently shifted to a pro-crypto stance, and stated that the Bitcoin confiscated from the Silk Road will be added to the nation's strategic reserves when he and his team get into office.
We also have Suriname presidential candidate Maya Parbhoe promising to make Bitcoin legal tender (like El Salvador did back in 2021) if elected in 2025. Although Bitcoin-focused, her plan includes the introduction of free currency competition, which is a promising development.
Meanwhile in Pennsylvania, lawmakers introduced the "Pennsylvania Bitcoin Strategic Reserve Act", which authorizes the state to invest up to 10% of its assets into Bitcoin. There are reportedly up to 10 more states likely to follow suit this year.
I found it quite surprising to see that even the mayor of Vancouver, Canada (a very left-leaning city) recently submitted a motion to make the city "bitcoin-friendly", and proposed adding Bitcoin to their treasury too.
All the while corporations continue to accumulate more Bitcoin.
Japanese company Metaplanet is emulating Microstrategy, planning to raise an additional $62 million dollars to boost their Bitcoin reserves. Acurx Pharmaceuticals is planning to purchase upwards of $1 million in Bitcoin as well.
Bitcoin Only?
Given how unsustainable traditional fiat currencies have become, small nation states and corporations are starting to realize the inevitability of Bitcoin. Could it be that there is a coordinated effort to reset the financial system with CBDCs, using Bitcoin as the base layer?
At only 7 transactions per second, and with zero privacy, monitoring the Bitcoin blockchain, and tracking who owns what, is fairly easy. In theory, if you knew that crypto was inevitable, and wanted to control it, you may want to push countries and corporations to go Bitcoin-only.
Imagine how chaotic the world would become (at least, temporarily) if the population adopted hundreds, thousands, or dare I say millions of cryptocurrencies? The financial elite would lose the power they had managed to seize over the past few decades/centuries.
Controlling The Narrative
If a Bitcoin-based financial system is indeed the plan, the existing power structures can use their control over the mainstream media to push Bitcoin and prevent alternative cryptocurrencies from reaching the consciousness of the masses, at least for now.
That said, considering how fewer and fewer people pay attention to mainstream media, and how crypto grassroots movements will continue popping up all over the world, I don't think the elite's grip on the populace will last much longer.
While Bitcoin may become the sole cryptocurrency for big government and corporations, others that better serve individuals and small businesses will likely be adopted organically over time, and cause even more disruption to the status quo.
Until next time...
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the HIVE blockchain. You can also follow me on InLeo for more frequent updates.
Further Reading
Will Bitcoin Be The New World Reserve Currency?
Resources
Images Courtesy of Venice AI [1]
Image of Couple Watching News [2]