It’s all happening. After dropping to $3,800 in March of 2020, bitcoin is now sitting around $35,000. It seems like more legacy institutions or large investors are announcing their entrance into the space every day. Thousands of coins are moving off exchanges. Governments around the world continue to print money, and the message “deficits don’t matter” circulates alongside that newly printed cash.
The bull run is underway. More people are starting to question the assumptions they’ve made about the world and are starting to see bitcoin as a valuable asset to hold. The narrative is changing. As bitcoin continues to attract attention, more people are exposed to its gravity. Inevitably, a percentage of those people get sucked down the rabbit hole. “Number go up” (NGU) technology is working as intended. The feedback loop continues.
Hyperbitcoinization is inevitable. The growing user base continues to add liquidity. The protocol and surrounding infrastructure continue to improve, making bitcoin easier to use. Altcoins continue to die as bitcoin’s monetary and network effects continue to grow stronger. A widespread user base and increasing corporate interest make it impossible for governments to ban bitcoin. The citadels are nigh.
Before we get too carried away, let us throw an ice-cold bucket of reality on our heads. Instead of getting wrapped up in the hype that bull markets tend to produce, let’s take a step back and acknowledge reality. Bitcoin will not, and more importantly cannot, become what we envision with the assistance of the State.
As bitcoin continues to grow in popularity, the question of whether or not governments can ban bitcoin is more frequently being discussed. Many of the responses to this question land in one of two camps. The first camp has concluded that yes, governments can and will ban bitcoin, and there is
