For someone who has been bullish on crypto over the years, declaring that Bitcoin will never become the world’s global reserve currency seems unusual. But let’s be realistic. The idea that the elites will suddenly embrace a currency with sound money principles, waking everyone up to the cheap money status quo that has allowed the financial aristocracy to gain an ever-increasing amount of power, wealth, and control, is an even crazier position to hold.
Fellow crypto enthusiasts must recognize that Bitcoin is incompatible with their agenda, and they will never let it replace or challenge the fiat currency system. This does not mean the crypto movement will die an early death. In reality, it’s just getting started, and apart from toppling the power structures that have dominated the financial world for centuries, it will fulfill the rest of its aims and purposes.
The elites have tried to discredit it, hack it, even take it over. Psychotic billionaires have tried to profit from it and use it to prop up their ego. Yet, here we are. The last few years have proven that decentralized currency systems have stood defiant and will not fade into the shadows anytime soon.
Though it’s clear the monetary elites cannot stop a decentralized currency revolution, as this movement has grown rapidly, appearing on all forms of mainstream media, in every magazine, on every radio station, and on every news channel, the elites have come to realize they will never need to ban or outlaw cryptocurrencies. They don’t have to because the same systems that have hidden the flaws of the fiat currency system for centuries have also stopped the masses from discovering the true rationale behind Bitcoin.
From an early age, the education system turns us against sound money and economics. Then, over time, the elite’s narrative machine convinces us that central banks printing money and governments issuing “free money” is normal. We become docile and subservient to their system. We become debt slaves, taking on mortgages, auto loans, and credit cards to fund pointless consumerism and to enhance our public personas. We’re brainwashed to lust after the corporate lube, not the simple life, and this is everything sound money stands against.
As the elites have suspended economic gravity for more than a century, modern society has yet to reach the end of the “societal complacency cycle”, one that has repeated ever since humans invented economics and commerce. As Erik Townsend says in Beyond Blockchain, “Throughout recorded history, societies have moved from commodity money to representative money to fiat money, and then (usually after a war or other major economic dislocation), the fiat money system collapses and the cycle starts anew with commodity money once again.”
Right now, we’re at the extreme end of this cycle, and as the consensus within the sound-money community says that “gold-backed cryptocurrencies” are the best form of commodity money, “gold-backed fiat currencies” are the best form of elastic money, and Bitcoin is the best form of digital “free floating” money, the future monetary paradigm will be determined by the majority valuing digital over physical, Bitcoin over gold, in the aftermath of the next collapse.
The truth, however, is this discussion only occurs inside this community and not in the mainstream. Outside, the future monetary battle is not Bitcoin versus gold. It’s fiat versus gold. The majority will never catch onto how the fiat system creates financial repression and how sound money vows to eliminate it. Some people will wake up to the elite’s financially repressive regime, which will fuel an ever-increasing sense of both dissent and distrust from a small part of society. Bitcoin and other crypto movements such as decentralized finance (DeFi) will continue to give people an escape from the cheap money status quo. But talk to someone who is undecided on crypto. They won’t say they haven’t invested because of its qualities and how it beats the fiat currency system on practically every level. They’ll say they never invested because “it’s a bubble” or “it’s used by criminals”. These, conveniently, are the same arguments the narrative machine and the elites at the IMF and central banks worldwide profess every day. Meanwhile, they will never expose the masses to the real benefits of Bitcoin. They will never advertise an alternative to the fiat system. Instead, they will do their best to promote fiat currency and its successor: central bank digital currencies (CBDCs). If they prevent the masses from questioning monetary history, the cheap money status quo will prevail. $5 will always be $5 to buy Starbucks. $100 will always be $100 to indulge in rampant consumerism. That’s what matters. Not boring finance or economics. We don’t care about Gresham’s Law or the salability or hardness of money. It’s what a dollar, yen, or pound buys us, and while the elites maintain confidence in their system, this will never change.
The only way Bitcoin plays a dominant role on the global stage, even becoming the world’s global reserve currency, is if by some miracle the real reasons to own Bitcoin become common knowledge. The “big reveal”. But because the narrative machine has been designed to peddle the opposite agenda that cryptocurrencies are solely a speculative bubble, a get-rich-quick scheme, without mentioning any of its underlying fundamentals or how it improves on the fiat system, this will never occur.
The only way for the truth to penetrate through the narrative is for the elites to come clean and force everyone to watch a ten-minute pro-Bitcoin public broadcast, stating how the fiat system has oppressed them for generations and that Bitcoin will help dismantle the crony capitalist machine. Of course, this will never happen. And even if it did, the majority have become so distrusting of anti-mainstream, contrarian viewpoints and voices, most will believe it was a parody or a trick.
Like how Nixon managed to get us off the gold standard, how John Law convinced the whole of France to buy into his Ponzi scheme, and how the Federal Reserve went from the lender of last resort to the only resort, the masses will continue to back the elite’s financial monopoly, whether that’s the latest fiat system or the coming digital currency hegemony, even though it’s bad for them, no matter what.
This will not stop Bitcoiners from “HODLing” and global citizens from exiting the legacy financial system to earn a positive savings rate in DeFi, growing their money over time as the crypto movement gains an ever-increasing amount of new recruits. But we must accept that Bitcoin, the people’s currency, the great digital escape from financial repression will have to take a backseat until the majority “wake up” to the benefits of hard money — and the disaster of easy money.
The problem is this will never happen. We have witnessed multiple “big reveals”. We have seen Bitcoin hit the headlines on platforms that the elites possess majority shareholdings in. Elon Musk and other billionaires have exposed the mainstream to the advantages of cryptocurrency, pumping it on most media outlets from Twitter to CNBC. Still, these big reveals did not expose the masses to the heartfelt message of sound money.
Since it’s been the same outcome for over 300 years, we must anticipate the same old same old, not a revolution. We must dream big but expect to be disappointed. If the masses — the people who crypto advocates must convince to launch sound money to the top of the monetary power structure —had wanted to escape from the elite’s financially repressive regime, they will have done so already. They will have found a way past the narrative machine.
All the information, all the big reveals have been public, free, and unrestricted for an eternity, but the elite’s control of the narrative machine means the masses will never discover the truth about the cheap money status quo, let alone the alternative. Perception management has become the ultimate weapon of financial control and will keep the elite’s hegemony at the top of the monetary pyramid for the foreseeable future.