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In this video, I discuss what would happen if all governments got together and shut down all cryptocurrency exchanges.
You can shut down regulated exchanges, but it is much more difficult to stop people from using a scarce commodity like gold (or Bitcoin) as money.
Hard money is always driving out soft money. Gold defeated wampum, and now gold is in the process of being demonetized by Bitcoin, which helps to explain gold’s poor performance over the past decade.
Like gold, Bitcoin is a bearer asset that is not just someone else’s liability.
When you exit a weak currency like the US dollar for a strong currency like Bitcoin, there is no reason to ever go back or “cash out.” It’s similar to the fiat situation where you exit the Venezuelan bolivar for US dollars, and never go back to the weaker currency.
Bitcoin is censorship-resistant, scarce p2p money. At some point, you will be able earn in Bitcoin and spend in Bitcoin, thus eliminating any need to convert to or from fiat currencies. Bitcoin circular economies will arise, and provide competition to controlled CBDC (central bank digital currency) economies.
Not investment advice! Consult a financial advisor.
A history of wampum:
https://en.wikipedia.org/wiki/Wampum
US dollars are liabilities of the Federal Reserve:
https://www.federalreserve.gov/monetarypolicy/bst_frliabilities.htm
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