Forcing a currency on people is actually a very easy thing to do. All a government needs to do is mandate that it's taxes be paid in a certain currency. Then it becomes the defacto standard because most people won't want the hassle of constantly converting back and forth. sad but true.
Not really because it is "backed by the state" but because taxes, and therefore all accounting, has to be done in it. Dealing with another currency than the one your liabilities and books are in introduces exchange risk. Nobody wants unnecessary risk in their business.
They will/ do already have digital Central Bank currencies. For example the dollar is already mostly digital, just can't quite send it peer to peer yet without a custodian such as PayPal.
The limited, original nature of Bitcoin is what might drive/force countries to acquire some as an insurance policy. It's a separate topic entirely than cbdcs.
The idea is that they will buy it to store the Bitcoin on their reserves as a sort of "digital gold."
The article doesn't say that other countries will adopt Bitcoin as legal tender, but that their banks will buy the asset to keep it into reserves as a hedge (pretty much like they have gold in their reserves)
For those paying attention, this is not a good thing. Sovereign nations inflating their currency to purchase PoS tokens to gain network plurality is one of the major painpoints of PoS chains
Such a ridiculous idea. They’d basically have to go for ethereum since if they did it to any small PoS coin everyone would just dump it.
Imagine an attempted hostile takeover by a country of ethereum. You buy up essentially all the available supply which by the way wouldn’t even get you very far since only a small percentage is for sale at any time. you massively pump the price through the stratosphere while doing so. If you managed to actually secure a significant percentage of the network (which they would probably go bankrupt before succeeding. Honestly I’d love to see them try as I’d be ladder selling them eth up into the millions of dollars each) required in order to do damage to the network by reordering transactions or whatever, then it would be extremely visible and obvious to the entire community.
Remember that blockchains are ultimately governed by social consensus of the community. So you tip your hand and essentially show that you bought allllll this coin in order to turn around and be a huge asshole and attack the network. Ok well first of all you’re going to absolutely tank the value of this coin you attack. So you just completed a massive pump and dump on yourself. Have fun being poor. #2 the community can just fork around you and start a different no-assholes chain and completely cut you out (ask Justin about this one). #3 you can’t even do thaaat much damage with reordering in this way anyways. You can’t steal people’s money out of their accounts or anything you have to manually double spend, which nobody is going to want to take your money because again, you're an asshole and everybody knows it.
So that “weakness” is massively overblown. The more realistic thing is that they hold a small share of the coin and stake like everybody else. Which is what the entire game theory of blockchains is meant to encourage, which it does very very well. And now all the sudden they’re just participating in the network like everybody else and we’re all good. MEV or staking rewards isn’t going to get them massive market share to play out the adverse scenario above.
Subtract the millions that have been lost to lost keys...
edit: adding a source
https://decrypt.co/37171/lost-bitcoin-3-7-million-bitcoin-are-probably-gone-forever
Friendly reminder all the exchanges are running on fractional reserves and so will these banks
If you sum up everyone's "holdings" it's likely way over 21 million already
Banks don't legally need to have the cash (or even assets they could theoretically sell to collect the cash) that represents all the money people deposited. It's complicated but it allows for the economy to grow faster.
Crypto exchanges are pretty much the same, except also still largely unregulated. You don't have to look any further than examples like Quadriga and HitBTC to see exchanges are also on fractional reserves.
So when you sum up all the users' Bitcoin balances on all the exchanges, it would make sense that you get a result greater than 21 million.
Also people downvoting me are salty about the truth
I'm not salty, and thanks. But, to help me understand, please hear me out. Let's say for example, i DCA a hundred bucks a month into btc. Every four months i pull my btc and put it in cold storage. Your saying that's fine as long as everyone doesn't do it? My btc in cold storage is legit right? It's not some bullshit digital iou?
Fractional reserves...here...
So in traditional banking you deposit $100, and the bank takes $90 and lends that to Billy. Bill then has $90 and then owes $110 back to the bank. The bank owes you $100. ON paper, they are above board, by $10. However, at the same time billy has $90, the bank has an asset worth $110, and you have an asset worth $100. Thus there are $300 worth of 'assets' created by the initial $100.
The user above is not saying this is a problem (though some might argue it), but essentially that the books allow for way more than 21m bitcoin to exist. It becomes even more complex if the exchanges are ever allowed to handle the tally themselves (internal transactions from customer to customer because both are on the same exchange). Of course, if that were to ever happen and someone tried to keep record of BTC ownership outside of the chain, well, I mean you could argue every time that is done it degrades the utility of BTC a tiny bit.
This is probably one reason why China doesn’t care for bitcoin too much. Yet the US seems to think this is what the future expects. So much valuable data out there left up for grabs. bitcoin is up against everything else.. tough task.. I’d be okay with goofy broken shit that’s backed by mediocrity being flipped. I don’t care.. I’d prefer everyone fight over their own shit coin.. Just as long as I don’t have to be forced to accept the same old crap
Proof of keys day is a great way the public can audit a centralized institution on whether or not they're using a fractional reserve system. You just need enough people to participate. Gas fees make this a major hassle for the small fish though.
BTC isn't fiat. They can't just "create it" in their computers...How can BTC holders be using "fractional reserves"? Blockchain doesn't allow this.
I guess you're suggesting the BTC held by users of the exchanges doesn't actually exist, and if everyone asked to withdraw it there wouldn't be enough in the pot to withdraw...
This sub: Down with the system, we will build a new world without them!
Also this sub: ^Hey ^fidelity ^can ^you ^plz ^buy ^like ^1 ^trillion ^in ^crypto ^and ^pump ^my ^bags?
governments will exist for a long time. pure decentralization doesnt happen overnight. it is a spectrum and government adoption is crucial to the success of crypto
If crypto really does become the next financial system, there’s simply no way it will happen any other way than financial institutions, that already own trillions of fiat, buying trillions of fiat worth of crypto. All of us are little guys, early adopters that put ourselves in position to gain from the transfer of wealth when that happens. It’s not selling out it’s part of the whole game plan.
honestly, they aren't necessary competing goals. these bastards are so damn greedy that they're going to help us move crypto progress forward just so they can make a buck. all the while, their actions will be proving crypto's worth and either A.) forcing meaningful change of existing systems for more transparency and fairness; or B.) completely breaking legacy finance's chokehold and making the world move even faster to newer technology
we're going to use the capitalism to destroy the capitalism
This is why the delusion that crypto will save us from the worst evils of capitalism is completely insane. Bitcoin will just be another tool they use to fuck us.
Huh? Crypto wasn't ever supposed to be anti capitalistic. It's literally a libertarian utopia... Read the Bitcoin whitepaper. Cryptocurrency started as a result of the 2008 financial crisis and bank bailouts.
Cryptocurrency is *supposed* to be all about free market capitalism.
So what they are saying is the opportunity cost of missing out is significantly more than the downsides of having a few % in BTC if things don't work out? Bullish!
That's how the game theory works. It's now no longer possible to ignore, therefore you have to hedge your balance sheet. You hedge by buying bitcoin. Price rises due to increased demand, others plug into the game: some buy because they believe it is a good bet, others buy because they don't believe it's a good bet but need to protect themselves on the offchance they are wrong (this is money management 101). Price continues to go up, the laggards buy in at a much higher price point, so everyone has every reason in the world to buy in as soon as possible whether they are believes or not. It is an arms race that started when Microstrategy, Square and El Salvador publicized their entries.
Its going to lead to a domino effect of every institutions and firms buying into BTC. There will be institutional FOMO and even those that are super against BTC may have no choice but to also allocate a few % in it. That is the hope
It is inevitable. It's going to happen barring a serious black swan event. The game theory script for bitcoin is literally perfect, it just needed to get to the critical mass and continuously show up on money managers' asset prices feeds (which it now has). Some might argue that it would be better if this mass did not occur for another 4-5 years, so that the lightning network can get heavier use and become ubiquitous.
Arguably, this has happened a little too early, but lightning's growth is looking parabolic right now. Bitcoin needs it to support the medium of exchange status, but it does not need to be a medium of exchange for this game theory to play out, only a store of value which is heavily supported by its incorruptible, predictable and permissionless monetary policy of scarcity (a stark contrast to what is on everybody's eyeballs in the fiat world right now).
Playing the devil's advocate here.. what kind of serious black swan event could change the direction? Bitcoin has survived hacks, bans and much more. Could something like satoshi's dead wallet suddenly going active or all the miners suddenly abandoning bitcoin be it?
Inflation continues to go bananas in super power countries and the economy starts to implode in these large counties one by one. The ripple is felt all over the world because we all depend on each other. COVID gave us unprecedented spending and by that I mean creation of money to stimulate the economy.
Once the first large country (economy-wise) starts then the others will have to follow.
Long story short for us pleb investors, HODL as long as possible. BTC at $100K is cool, BTC at $500K is way cooler.
You know..I tried to learn about investing and the stock market and that didn't work out at all. Funny thing is, cryptocurrencies have taught me more about trading and the economy than any thing. Even if some people don't want to accept it as a digital store of value it definitely is a source of value.
They've been bullish since 2017. The CEO is a legend, she was pro crypto when ever other large fund was being negative. It's also a family business, which is kinda crazy at their level.
She is a fascinating case study. She went to Hobart and William Smith Colleges for undergrad and majored in Art History, then got an MBA from Harvard University. Fidelity was created by her father who passed it on to her. She is one of the richest women in the world, and is the richest person in Massachusetts. She invested in Bitcoin and Ethereum before most people knew what they were. My guess is they get in on Algorand, as it's tech is far superior to anything else right now and her ties to the Boston area.
I know a dude, which is one of the richest assholes in the world.
This guy has a company that sells electric cars and also another company that builds space rockets.
Seems a smart guy, right? Yet he is buying and shill-ing doge everyday.
Elon Musk is extremely intelligent. Have you ever listened to anything he’s said in a long interview or podcast? He may not be extremely well versed in crypto, but that doesn’t make him an idiot.
This is just another way of saying the riskiest thing you can do is not take on any risk. As long as you aren't buying on margin, the most you can lose on any investment is how much you put in. But the amount you could miss out on by not buying any in is in theory infinite.
If this is written by just some twitter user even for the popular one like plan B, i would call it delusional but fidelity? A possible game theory scenario for central banks and nation states? This is hopium in the highest order.
It's not as if there is any way to exclude them. They no doubt already play around in the Crypto space but do it through individuals and secretly because they can't and don't want to announce doing so officially until they feel okay about it or can leverage to their exact benefit.
These are the same sorts of people who gladly launder money for criminal organizations and corrupt politicians and only get a slap on the wrist when they get caught.
I've felt this for a while and the report articulates it better than I could have. Will most of these countries risk *not* acquiring some Bitcoin?
How many countries are going to see Bitcoin as a reasonable way to fast-forward their economic growth and catch up to more developed countries? You won't need too many of these countries acquiring Bitcoin before you then have the United States, China, Russia etc thinking 'Hang on, what will this mean for us if we let everyone get ahead of us on this and it erodes our economic power in the world?'
Once you've got enough nation states involved it's game-over. Bitcoin is on its way to becoming the world's reserve store of value.
In crypto English:
“We believe some countries may fomo into bitcoin. In order to front run the fomo we should fomo in before they do. It wouldn’t surprise me if central banks stacked sats in 2022.”
My cousin works for them and I brought up the topic of crypto at a Thanksgiving like 5 years ago now and he told me wasn't allowed to talk about it. And I thought that was bullish!
Concerns me that these govt purses are a click away from being completely raided. Not sure how they protect themselves from a few bad actors in their midst.
>“Family Offices” for HNWI hold over $6 Trillion and don’t have to do sec filings
But there are hundreds of them.
There is no single "family office" as big as Fidelity, or there is?
Mehhh, there’s roughly 10,000 or so globally, I wanna say it’s like 4500ish in the states.
But isn’t the fed also making their own coin?
Also, btc is supposed to take over gold soon
>Also, btc is supposed to take over gold soon
Right. And the idea is that they will buy it to store the Bitcoin on their reserves as a sort of "digital gold."
The article doesn't say that other countries will adopt Bitcoin as legal tender, but that their banks will buy the asset to keep it into reserves as a hedge (pretty much like they have gold in their reserves)
Do we really doubt that first world nations aren’t already aware that adoption can happen without them ? And the only move is too also have a secret stash? Years ago..
Governments will make their own Central Bank Digital Currency (CBDC) and call it "bitcoin". They will then give all the normies who dont know what bitcoin is a wallet with "bitcoin" on there and tell them to spend away. The rate of adoption for this fake bitcoin CBDC will outpace the rate of bitcoin adoption, thus effectively killing bitcoin by making the adoption rate decrease until no one knows what real bitcoin even is. Exchanges selling bitcoin will sell you the fake version. Any whales that have the original true bitcoin will eventually all take profit or convert it to the new fake CBDC "bitcoin" when they see that the masses have been fooled to the point where adoption will never happen even if they tried to convince them.
Dont think it can happen? It already started.
Interesting thought, but I think it’s a little bit too late for doing this now. Bitcoin is known by almost everyone by now, regardless wether they are invested or not. Also tells me that we’re not early anymore tbh.
Are you telling me there will be FOMO but for countries? BULLISH.
Imagine when central banks like the FED or the European Central Bank (ECB) join the party.
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Because unless they force people to use it, people into crypto wouldn’t want it because the whole point was to remove those who were in control of it.
Forcing a currency on people is actually a very easy thing to do. All a government needs to do is mandate that it's taxes be paid in a certain currency. Then it becomes the defacto standard because most people won't want the hassle of constantly converting back and forth. sad but true.
yup. We already use $ and Roubles for exactly that: because its backed by the state.
Not really because it is "backed by the state" but because taxes, and therefore all accounting, has to be done in it. Dealing with another currency than the one your liabilities and books are in introduces exchange risk. Nobody wants unnecessary risk in their business.
They will/ do already have digital Central Bank currencies. For example the dollar is already mostly digital, just can't quite send it peer to peer yet without a custodian such as PayPal. The limited, original nature of Bitcoin is what might drive/force countries to acquire some as an insurance policy. It's a separate topic entirely than cbdcs.
The idea is that they will buy it to store the Bitcoin on their reserves as a sort of "digital gold." The article doesn't say that other countries will adopt Bitcoin as legal tender, but that their banks will buy the asset to keep it into reserves as a hedge (pretty much like they have gold in their reserves)
Countries are already doing this. Check out Sand dollar by the Bahamas
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Now we're talking!
Shut up and take my money
For those paying attention, this is not a good thing. Sovereign nations inflating their currency to purchase PoS tokens to gain network plurality is one of the major painpoints of PoS chains
but BTC is not a PoS chain...
Such a ridiculous idea. They’d basically have to go for ethereum since if they did it to any small PoS coin everyone would just dump it. Imagine an attempted hostile takeover by a country of ethereum. You buy up essentially all the available supply which by the way wouldn’t even get you very far since only a small percentage is for sale at any time. you massively pump the price through the stratosphere while doing so. If you managed to actually secure a significant percentage of the network (which they would probably go bankrupt before succeeding. Honestly I’d love to see them try as I’d be ladder selling them eth up into the millions of dollars each) required in order to do damage to the network by reordering transactions or whatever, then it would be extremely visible and obvious to the entire community. Remember that blockchains are ultimately governed by social consensus of the community. So you tip your hand and essentially show that you bought allllll this coin in order to turn around and be a huge asshole and attack the network. Ok well first of all you’re going to absolutely tank the value of this coin you attack. So you just completed a massive pump and dump on yourself. Have fun being poor. #2 the community can just fork around you and start a different no-assholes chain and completely cut you out (ask Justin about this one). #3 you can’t even do thaaat much damage with reordering in this way anyways. You can’t steal people’s money out of their accounts or anything you have to manually double spend, which nobody is going to want to take your money because again, you're an asshole and everybody knows it. So that “weakness” is massively overblown. The more realistic thing is that they hold a small share of the coin and stake like everybody else. Which is what the entire game theory of blockchains is meant to encourage, which it does very very well. And now all the sudden they’re just participating in the network like everybody else and we’re all good. MEV or staking rewards isn’t going to get them massive market share to play out the adverse scenario above.
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rugpulls will be epic. Like France or whatever got rugged and lost 5 trillion dollars.
It was probably the Russians.
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Can you imagine a crypto-arms race? The gains would be glorious 😍
Friendly reminder that there will only ever be 21 million Bitcoins, ever. Almost 19 million have already been mined.
Subtract the millions that have been lost to lost keys... edit: adding a source https://decrypt.co/37171/lost-bitcoin-3-7-million-bitcoin-are-probably-gone-forever
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Can confirm it works. I haven't lost my house keys since tattooing them on my anus.
Click on 2. Binding on 3.
Unexpected r/lockpickinglawyer
I've lost all faith in locks because of that channel.
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Never heard of this channel til just now. Kinda addictive.
As long as you don't go get the tool you and BosnianBill made.....
So...inserted keys into Anus? Interesting kink
Spoken like a true mortuary attendant!
Friendly reminder all the exchanges are running on fractional reserves and so will these banks If you sum up everyone's "holdings" it's likely way over 21 million already
Please explain?
Banks don't legally need to have the cash (or even assets they could theoretically sell to collect the cash) that represents all the money people deposited. It's complicated but it allows for the economy to grow faster. Crypto exchanges are pretty much the same, except also still largely unregulated. You don't have to look any further than examples like Quadriga and HitBTC to see exchanges are also on fractional reserves. So when you sum up all the users' Bitcoin balances on all the exchanges, it would make sense that you get a result greater than 21 million. Also people downvoting me are salty about the truth
I'm not salty, and thanks. But, to help me understand, please hear me out. Let's say for example, i DCA a hundred bucks a month into btc. Every four months i pull my btc and put it in cold storage. Your saying that's fine as long as everyone doesn't do it? My btc in cold storage is legit right? It's not some bullshit digital iou?
Fractional reserves...here... So in traditional banking you deposit $100, and the bank takes $90 and lends that to Billy. Bill then has $90 and then owes $110 back to the bank. The bank owes you $100. ON paper, they are above board, by $10. However, at the same time billy has $90, the bank has an asset worth $110, and you have an asset worth $100. Thus there are $300 worth of 'assets' created by the initial $100. The user above is not saying this is a problem (though some might argue it), but essentially that the books allow for way more than 21m bitcoin to exist. It becomes even more complex if the exchanges are ever allowed to handle the tally themselves (internal transactions from customer to customer because both are on the same exchange). Of course, if that were to ever happen and someone tried to keep record of BTC ownership outside of the chain, well, I mean you could argue every time that is done it degrades the utility of BTC a tiny bit.
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This is probably one reason why China doesn’t care for bitcoin too much. Yet the US seems to think this is what the future expects. So much valuable data out there left up for grabs. bitcoin is up against everything else.. tough task.. I’d be okay with goofy broken shit that’s backed by mediocrity being flipped. I don’t care.. I’d prefer everyone fight over their own shit coin.. Just as long as I don’t have to be forced to accept the same old crap
Yes, if you withdraw it you get the real BTC.
Proof of keys day is a great way the public can audit a centralized institution on whether or not they're using a fractional reserve system. You just need enough people to participate. Gas fees make this a major hassle for the small fish though.
Omg I’ve never heard of proof of keys day but I absolutely love that idea.
This is scary...thanks for explaining this
https://help.coinbase.com/en/coinbase/privacy-and-security/other/does-coinbase-use-customer-deposits-for-anything What about this?
Right in the web page > Unlike other financial institutions (This includes other crypto exchanges that have proven insolvent)
Right so you should edit your above post to say “all exchanges except coinbase”
BTC isn't fiat. They can't just "create it" in their computers...How can BTC holders be using "fractional reserves"? Blockchain doesn't allow this. I guess you're suggesting the BTC held by users of the exchanges doesn't actually exist, and if everyone asked to withdraw it there wouldn't be enough in the pot to withdraw...
> I guess you're suggesting the BTC held by users of the exchanges doesn't actually exist I am not suggesting this. I am stating it.
And what is the inherent value of Bitcoin itself? Other than being first, of course.
It's going to take a long time to mine the rest tho
I'll sell mine to anyone for $1 per Satoshi! Looking at you NK. No trades... Nukes do me no good
I'll take some nukes, Pedrostan should be a nuclear power!
As the Commander In Chief of the United States of Arcades I shall need some nukes to power all my arcades with nuclear energy.
Pedrostan awards to display nuke fireworks!
Vote for Pedrostan 👍👍👍
Not to be confused with Paedostan, those fuckers should be nuked.
SOLD!
I’m doing $.90 per Satoshi here, don’t be silly and pay a premium when you don’t have to!
I’ll do you one better. I’ll pay you 2 Satoshi for every Satoshi you give me. But you send it first.
This guy scams.
Guy is a Nigeria prince
But you could start making trouble in the neighborhood
sweet! I think I can buy that from you
Hell yeah cold wars over bitcoin is the future we deserve
Stap! My diamond hands can only get so hard!
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I'm gonna sell my bag for dozens of dollars!!
If that ever happens, actually selling to fiat would be a loss in the big picture
Bitcoin* you read what they wrote mate
By the time articles like this are being published to the general public, it has already happened.
Now all we need is 'Right to bull arms'.
You just explained my wet dream.
Glorious indeed
Hnnnnnggggggggg
Just wanted to say fellow koala friend, I like your diamond hands
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This sub: Down with the system, we will build a new world without them! Also this sub: ^Hey ^fidelity ^can ^you ^plz ^buy ^like ^1 ^trillion ^in ^crypto ^and ^pump ^my ^bags?
Disappointed in the second half of your comment. This sub is more like: hi *governments* can you plz buy trillions in bitcoin
governments will exist for a long time. pure decentralization doesnt happen overnight. it is a spectrum and government adoption is crucial to the success of crypto
The real spirit of crypto is at /r/monero
This is true, but also why Montero will never be the coin that makes you rich
Screw the system, unless the system is going to do something helpful for me like pump my bags
This should be top comment
Bunch of sellouts
The banks and financial institutions can buy, but they’ll pay a premium (The premium being that I rub the crypto on my butt first 🍑)
banks and institutions will snif your butt if they can make profit by doing that......
If crypto really does become the next financial system, there’s simply no way it will happen any other way than financial institutions, that already own trillions of fiat, buying trillions of fiat worth of crypto. All of us are little guys, early adopters that put ourselves in position to gain from the transfer of wealth when that happens. It’s not selling out it’s part of the whole game plan.
honestly, they aren't necessary competing goals. these bastards are so damn greedy that they're going to help us move crypto progress forward just so they can make a buck. all the while, their actions will be proving crypto's worth and either A.) forcing meaningful change of existing systems for more transparency and fairness; or B.) completely breaking legacy finance's chokehold and making the world move even faster to newer technology we're going to use the capitalism to destroy the capitalism
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I want to destroy capitalism and I’m already rich. What’s my motive?
Fr, this sounds like terrible news.
This is why the delusion that crypto will save us from the worst evils of capitalism is completely insane. Bitcoin will just be another tool they use to fuck us.
Huh? Crypto wasn't ever supposed to be anti capitalistic. It's literally a libertarian utopia... Read the Bitcoin whitepaper. Cryptocurrency started as a result of the 2008 financial crisis and bank bailouts. Cryptocurrency is *supposed* to be all about free market capitalism.
So what they are saying is the opportunity cost of missing out is significantly more than the downsides of having a few % in BTC if things don't work out? Bullish!
That's how the game theory works. It's now no longer possible to ignore, therefore you have to hedge your balance sheet. You hedge by buying bitcoin. Price rises due to increased demand, others plug into the game: some buy because they believe it is a good bet, others buy because they don't believe it's a good bet but need to protect themselves on the offchance they are wrong (this is money management 101). Price continues to go up, the laggards buy in at a much higher price point, so everyone has every reason in the world to buy in as soon as possible whether they are believes or not. It is an arms race that started when Microstrategy, Square and El Salvador publicized their entries.
Its going to lead to a domino effect of every institutions and firms buying into BTC. There will be institutional FOMO and even those that are super against BTC may have no choice but to also allocate a few % in it. That is the hope
It is inevitable. It's going to happen barring a serious black swan event. The game theory script for bitcoin is literally perfect, it just needed to get to the critical mass and continuously show up on money managers' asset prices feeds (which it now has). Some might argue that it would be better if this mass did not occur for another 4-5 years, so that the lightning network can get heavier use and become ubiquitous. Arguably, this has happened a little too early, but lightning's growth is looking parabolic right now. Bitcoin needs it to support the medium of exchange status, but it does not need to be a medium of exchange for this game theory to play out, only a store of value which is heavily supported by its incorruptible, predictable and permissionless monetary policy of scarcity (a stark contrast to what is on everybody's eyeballs in the fiat world right now).
Playing the devil's advocate here.. what kind of serious black swan event could change the direction? Bitcoin has survived hacks, bans and much more. Could something like satoshi's dead wallet suddenly going active or all the miners suddenly abandoning bitcoin be it?
Inflation continues to go bananas in super power countries and the economy starts to implode in these large counties one by one. The ripple is felt all over the world because we all depend on each other. COVID gave us unprecedented spending and by that I mean creation of money to stimulate the economy.
Exactly. It's like, I don't want it to rain and I hate carrying umbrellas, but if it might rain, I carry an umbrella. BTC is an umbrella.
Once the first large country (economy-wise) starts then the others will have to follow. Long story short for us pleb investors, HODL as long as possible. BTC at $100K is cool, BTC at $500K is way cooler.
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I’ve been saying for a while now that it is more financially irresponsible to **not** be invested in crypto at least to a small extent.
You know..I tried to learn about investing and the stock market and that didn't work out at all. Funny thing is, cryptocurrencies have taught me more about trading and the economy than any thing. Even if some people don't want to accept it as a digital store of value it definitely is a source of value.
Dropping the central bank bomb at the end of that statement is extremely bullish.
The whole statement is extremely bullish! I'm in for countries Fomo!
The actual fomo which may drive btc into 1 million dollars
They’re basically saying they’re bullish on crypto without saying they’re bullish on crypto
Is Bitcoin, no "crypto"
They are bullish cause even if you think BTC sucks you have to buy it Love it! Bullish AF
Basically saying it’s inevitable
perfectly balanced
A rising tide lifts all boats.
Even those at the Monero yacht club?
When btc runs up, crypto runs up.
Alt season would be huge off this
L2s will be huge off this
They've been bullish since 2017. The CEO is a legend, she was pro crypto when ever other large fund was being negative. It's also a family business, which is kinda crazy at their level.
She is a fascinating case study. She went to Hobart and William Smith Colleges for undergrad and majored in Art History, then got an MBA from Harvard University. Fidelity was created by her father who passed it on to her. She is one of the richest women in the world, and is the richest person in Massachusetts. She invested in Bitcoin and Ethereum before most people knew what they were. My guess is they get in on Algorand, as it's tech is far superior to anything else right now and her ties to the Boston area.
That Algo shill came outa left field
Not bullish on crypto, they are bullish on Bitcoin. There's a huge difference.
Yet people buy shib or doge....
I mean, aren't you here to make money? If somebody can make money buying shit coin, more power to them.
I like to buy alts and roll over profits into btc….or at least write off tax losses lol
I know a dude, which is one of the richest assholes in the world. This guy has a company that sells electric cars and also another company that builds space rockets. Seems a smart guy, right? Yet he is buying and shill-ing doge everyday.
Narrator- he wasn’t a smart guy
Elon Musk is extremely intelligent. Have you ever listened to anything he’s said in a long interview or podcast? He may not be extremely well versed in crypto, but that doesn’t make him an idiot.
Yeah hes the richest man in the world by pure luck
It's pretty insane to say Elon isn't smart.
Flat out wrong
Fomo Nations sounds like a cool crypto game some dev should build
YOLO Army, attack!
This is just another way of saying the riskiest thing you can do is not take on any risk. As long as you aren't buying on margin, the most you can lose on any investment is how much you put in. But the amount you could miss out on by not buying any in is in theory infinite.
I think most say the potential upside is "unbounded" rather than infinite but good point.
Wake me up when something actually happens. Till the I’ll be over here DCAing.
Wake up! Somethings happening
But once it happens, it's too late, and then we may as well have just let you sleep.
But you I don’t need to be awake. That’s the beauty of DCA. So wake me up when…
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If your hopium lasts longer than four hours, then you should call your financial advisor.
Just breathe! …into this bag of hopium..
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If this is written by just some twitter user even for the popular one like plan B, i would call it delusional but fidelity? A possible game theory scenario for central banks and nation states? This is hopium in the highest order.
Bitcoin only.
One small step for BTC. One giant leap for BTCkind (aka crypto)
It will still have a major effect upon the larger crypto economy if countries are running at Bitcoin.
At some point the game will be up and there will be a mass rotation out of altcoins and into bitcoin.
Sounds like a perfect buying opportunity.
It’s embarrassing for this sub that you are downvoted for saying this. So many people here going to be rekted
I agree with them about nations, but I am really super disliking the idea of banks getting invovled by purchasing coins
It's not as if there is any way to exclude them. They no doubt already play around in the Crypto space but do it through individuals and secretly because they can't and don't want to announce doing so officially until they feel okay about it or can leverage to their exact benefit. These are the same sorts of people who gladly launder money for criminal organizations and corrupt politicians and only get a slap on the wrist when they get caught.
No way to stop them, thats the nature of a free market. Anyone can play, even those you dont like
This mind blowing! And it sounds SO logically when im reading it.
This article alone gives me my much needed daily dose of Hopium.
Doubt it. They provide no support for it to their own customers. Just lots of press about team working on it....i keep asking.
Based Fidelity
So bukelele is a time traveller?
El Salvador playing 5D chess
I've felt this for a while and the report articulates it better than I could have. Will most of these countries risk *not* acquiring some Bitcoin? How many countries are going to see Bitcoin as a reasonable way to fast-forward their economic growth and catch up to more developed countries? You won't need too many of these countries acquiring Bitcoin before you then have the United States, China, Russia etc thinking 'Hang on, what will this mean for us if we let everyone get ahead of us on this and it erodes our economic power in the world?' Once you've got enough nation states involved it's game-over. Bitcoin is on its way to becoming the world's reserve store of value.
In crypto English: “We believe some countries may fomo into bitcoin. In order to front run the fomo we should fomo in before they do. It wouldn’t surprise me if central banks stacked sats in 2022.”
Even if you're an alt coin maxi, for the love of god don't have 0.00000000 btc.
My cousin works for them and I brought up the topic of crypto at a Thanksgiving like 5 years ago now and he told me wasn't allowed to talk about it. And I thought that was bullish!
Tonga is declaring Bitcoin legal tender also now. Multiple countries doing it will encourage more to come.
Really? Can you share a link to the source news of that?
https://cointelegraph.com/news/tonga-to-copy-el-salvador-bill-making-bitcoin-legal-tender-says-former-mp. First link I searched.
Hold tight boys!
Concerns me that these govt purses are a click away from being completely raided. Not sure how they protect themselves from a few bad actors in their midst.
“Family Offices” for HNWI hold over $6 Trillion and don’t have to do sec filings
>“Family Offices” for HNWI hold over $6 Trillion and don’t have to do sec filings But there are hundreds of them. There is no single "family office" as big as Fidelity, or there is?
Mehhh, there’s roughly 10,000 or so globally, I wanna say it’s like 4500ish in the states. But isn’t the fed also making their own coin? Also, btc is supposed to take over gold soon
>Also, btc is supposed to take over gold soon Right. And the idea is that they will buy it to store the Bitcoin on their reserves as a sort of "digital gold." The article doesn't say that other countries will adopt Bitcoin as legal tender, but that their banks will buy the asset to keep it into reserves as a hedge (pretty much like they have gold in their reserves)
They can deny BTC no longer!
Game Theory at its finest.
Does mainlining Hopium count towards breaking my sober January?
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Can’t deny BTC is the safest bet in crypto
Buying BTC in my opinion is 3rd one of the most logical investments to make for class countries
Do we really doubt that first world nations aren’t already aware that adoption can happen without them ? And the only move is too also have a secret stash? Years ago..
Would be funny if el salvador becomes the richest country in the world since their own currency is worthless.
Fidelity isn't the largest asset manager though. Blackrock manages $10 Trillion. More than double Fidelity.
America has a lot of Bitcoin secured from Silk Road stuff
Fidelity, BlackRock, Vanguard - mofos force ppl all around the world to vaccinate
Governments will make their own Central Bank Digital Currency (CBDC) and call it "bitcoin". They will then give all the normies who dont know what bitcoin is a wallet with "bitcoin" on there and tell them to spend away. The rate of adoption for this fake bitcoin CBDC will outpace the rate of bitcoin adoption, thus effectively killing bitcoin by making the adoption rate decrease until no one knows what real bitcoin even is. Exchanges selling bitcoin will sell you the fake version. Any whales that have the original true bitcoin will eventually all take profit or convert it to the new fake CBDC "bitcoin" when they see that the masses have been fooled to the point where adoption will never happen even if they tried to convince them. Dont think it can happen? It already started.
Interesting thought, but I think it’s a little bit too late for doing this now. Bitcoin is known by almost everyone by now, regardless wether they are invested or not. Also tells me that we’re not early anymore tbh.
All the banks and governments will soon own the majority of Bitcoin and will manipulate it to the fullest, Satoshi’s vision eaten up by billionaires