Bitcoin & The Idea Of Financial Sovereignty
At the heart and motivation of Bitcoin is financial sovereignty. Independence from a third party and very restrictive guidelines is how Satoshi envisioned Bitcoin to operate. His idea has always been to transfer value without friction or authorization, at any moment, from anywhere in the world. This ultimately creates financial sovereignty as there is no need for assistance or service from anyone else. This obviously also invokes freedom, which is also at the core of foundational human desire and even, necessity. It didn’t take long for this idea to be challenged and we can see how every effort is being made to control it.
The Difference Between Rules & Control
We all require rules, in order for society to function in an acceptable manner. However, rules do not necessarily require rulers. It has often been said that Bitcoin has rules but no rulers! This has been the dynamic that has caused DAOs to gain so much attention of late. Rules instill order and predictable expectations, while control ultimately equates to slavery. Rules dictate how something is used, while control limits who may use it. The two are very different and have different agendas. Currently, we are experiencing people being excluded from financial services due to rulers (control), even though they are abiding by the predefined criteria (rules). Can you see the difference?
This is currently an enormous problem for many people across the world who are suffering as a result of the decisions made by their respective leaders. True sovereignty would remove you from these dynamics, enabling you to continue transacting.
Can Bitcoin Still Be A Sovereign Form Of Money?
With the continued regulatory threat and the blocking of addresses by certain exchanges and institutions, the question arises of whether BTC can still maintain its sovereign status. It seems as if rulers are only limited by their imagination when it comes to what they are able to achieve. This is somewhat concerning and is evidence of why a monetary network like Bitcoin is so very essential. Looking at current challenges it appears that as a store of value, Bitcoin remains relatively sovereign in that self custody is the equivalent of sending your money into space.
Transactions on the other hand are facing certain hurdles and yet in many cases, restrictions are not all-encompassing. Let’s put it this way, BTC definitely is the most sovereign form of money that we currently have.
What’s The Alternative?
If you are not holding a sovereign form of wealth then you are completely reliant upon the fiat currency of your nation. Usually, this is not the greatest but still acceptable. However, as the world continues to erode in terms of ethics and moral code, the risk of being restricted increases. Russian citizens are innocent! Ukrainian citizens are innocent and yet they are expected to survive under the burden of restriction and exclusion. Would you not consider these citizens to now be the equivalent of slaves? Their rights are removed, as well as their power and ability to transact, and support their own lives. They have been enslaved by government policies.
That which is in essence created to preserve and support human life and livelihoods is now destroying them. Ironic at best but still extremely sad to see, never mind actually experience.
Whether or not you believe in Bitcoin and its purpose, it is clearly revealing its importance in the modern world. I think many will begin to hedge their wealth with Bitcoin and other Crypto. Everyone needs an insurance and contingency plan and Bitcoin appears to be the best option that we have. Even if you are somehow restricted, you can still hold and maintain your wealth. Any asset that is in the hands of another is essentially not yours because if you are restricted, who holds it?
On the other hand, holding your own Crypto is the complete opposite! If you are restricted in any way, who holds it?
We are currently witnessing such an acceleration in global chaos and unpredictability, it only makes sense to hold an asset that is ultimately within your own control. It is clearly a time to choose sovereignty over all else because as we have already seen in Canada, Russia, and Ukraine, things can go horribly wrong incredibly fast! Not investment advice but clearly food for thought in these troubled times.