“Is it ironic that the asset created to resist fiat is now being used to save it?”
This question keeps me up at night.
I’ve been working quietly on a project that explores this very shift, how Bitcoin, born as freedom money, is now at risk of being wrapped in a new financial apparatus: strategic reserves, institutional custody, and most urgently, stablecoins like Tether that tether (literally) Bitcoin’s value to U.S. debt.
Susie’s Forbes piece Is Trump’s Strategic Bitcoin Reserve a Threat to Freedom? is a sharp and timely look at what this co-option could mean.
One idea I explore in my private thesis:
“If Bitcoin becomes the foundation of a new system but the dollar remains the unit of account, then Bitcoin hasn’t replaced the system, it has been absorbed by it.”
The question is:
Do we get a Bitcoin standard, or a digitised version of the old regime with new branding?
Open to hearing thoughts from others working through this.
What can be done, practically and philosophically, to keep the ethos alive?
#Bitcoin #Tether #GameTheory #Sovereignty #WrappedInTheDollar
quotingBitcoin was born as freedom money. Decentralised, borderless, and immune to state control. But is that ideal being flipped on its head?
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Are a growing number of institutional players backed by governments inflating Bitcoin’s value not as a currency of the people but as a Strategic Reserve Asset to prop up the very system it was built to escape?
Is the goal to create artificial demand for U.S. dollars and treasuries through stablecoins backed by U.S. debt? Stablecoins are lifelines for many, but what is the real cost?
Will certain stablecoins become some of the largest holders of U.S. treasuries, indirectly funding U.S. policy while serving as the gateway to Bitcoin? By linking Bitcoin to stablecoins and those stablecoins to U.S. treasuries...has a pipeline been created to inflate Bitcoin, attract capital, prop up dollar demand, and sell more debt?
Is it ironic that the asset created to resist fiat is now being used to save it?
On the day Trump was inaugurated, I published this article. Centralisation is a threat. Are we paying close enough attention?
https://www.forbes.com/sites/digital-assets/2025/01/20/is-trumps-strategic-bitcoin-reserve-a-threat-to-freedom/
