If You Can’t Kill Bitcoin, Join Bitcoin – Central Banks Will Follow the Same Path As Private Banks
If Bitcoin does not need central banks, central banks will need Bitcoin.
In an ever-changing world, the guarantees that the Bitcoin protocol gives you allow you to plan your future by saving the fruits of your labor in complete security. This is a major paradigm shift from the current monetary and financial system that is in the hands of a few powerful people who manipulate it to their advantage.
Among those powerful people who manipulate the current system are the private bankers who take full advantage of the opacity of the banking system to give free rein to the natural human penchant for corruption.
In the mid-2010s, the bankers realized that the Bitcoin system was a threat to their advantageous positions in the current system. So they did everything they could to try to destroy Bitcoin. This has resulted in constant attacks on Bitcoin.
Like all private bankers, Jamie Dimon has repeatedly attacked Bitcoin in an attempt to destroy it during the 2010s
Baseless attacks, based on clichés that have since been largely dismantled, but which unfortunately remain etched in the minds of the general public for a long time.
In 2014, at the World Economic Forum in Davos, Jamie Dimon, the CEO of JPMorgan, the largest American bank, said this:
“Bitcoin is a terrible store of value that is being used for illicit purposes.”
A little later, Jamie Dimon compared Bitcoin to Tulipmania:
“Bitcoin is worse than tulip bulbs. It won’t end well. Someone is going to get killed.”
Tulipmania is the name given to the sudden craze for tulips in the northern part of the United Provinces in the mid-17th century, which led to the outsized rise and then collapse of tulip bulb prices: the so-called "tulip crisis" in economic history.
In 2017, Jamie Dimon added another layer on Bitcoin:
“If you're stupid enough to buy Bitcoin, you'll pay the price for it one day.”
In September 2017, Jamie Dimon then stated that he was ready to fire any JPMorgan employee buying Bitcoin. The reason? “Being stupid”.
The year 2020 will remain as the tipping point for Bitcoin which is now offered by all major American banks to their customers
Jamie Dimon was not the only banker trying to destroy Bitcoin throughout the 2010s. And then, the year 2020 arrived which was a tipping point for Bitcoin with this COVID-19 pandemic that exposed more than ever the flaws of the current system while highlighting the incredible benefits of Bitcoin.
Paul Tudor Jones was the first major Wall Street investor to publicly opt for Bitcoin over gold. Then it all came together. In the summer of 2020, American banks were given the green light to offer Bitcoin to their customers. And throughout 2021, we saw one major American bank after another give in.
Bitcoin is now being offered to JPMorgan customers despite everything Jamie Dimon has said in the past to try to destroy Bitcoin. While offering Bitcoin to his clients, Jamie Dimon continues to attack Bitcoin to not disown it:
“I'm not a Bitcoin supporter. I personally think that Bitcoin is worthless, but I don't want to be a spokesperson.”
It's amazing how Jamie Dimon has changed his attitude now that JPMorgan is offering Bitcoin to its clients. To justify himself, Jamie Dimon simply explains that he has to respond to the demand of JPMorgan's customers. Thus, Jamie Dimon chooses to offer an asset that he considers dangerous to his clients to generate profit.
Isn't this an attitude that says a lot about the low morality of Jamie Dimon and bankers in general?
If private banks are joining the revolution, it's simply out of fear of being overwhelmed by Bitcoin
If JPMorgan is now offering Bitcoin to its customers, and all the other major American banks are doing so as well, it is primarily because they have realized that since they cannot kill the Bitcoin revolution, they had better embrace it to avoid being totally out of date in the future.
Because the future is a Bitcoin system that will allow you to become your bank. By placing themselves as intermediaries, these banks are making a last desperate attempt to preserve their positions. But sooner or later, users will want to take full advantage of the liberating power of Bitcoin. That is my certainty.
Now that private banks are starting to take the plunge, I am sure that the central banks will follow suit, as I wrote recently:
Some people have answered me that Bitcoin does not need central banks. I agree with them. Bitcoin will play the role of a central bank in a Bitcoin Standard, while each user running a full node will be able to play the role of a banking institution. The Lightning Network will enable mass adoption of Bitcoin for everyday payments.
But the main reason I'm betting on central banks adopting the Bitcoin revolution is that central banks will need to do so. It is not Bitcoin that will need central banks, but central banks that will need Bitcoin.
If Bitcoin does not need central banks, they will be forced to embrace the Bitcoin revolution in the years to come
Central banks will come to buy Bitcoin to replace gold as a store of value. In a future world where everything will become digital, this seems to me to be a given. The central bankers of the world's major economic powers are still resisting by continuing to attack Bitcoin. This is the same thing we saw in the mid-2010s with private bankers like Jamie Dimon.
You saw how that ended...
The ultimate attempt of resistance by central bankers is the launch of Central Bank Digital Currencies (CBDCs) which they hope will counter Bitcoin by making it obsolete in the eyes of the general public. It is a fundamental mistake, one more, on the part of governments and central bankers to believe this.
What Bitcoin brings to the people is unique, and it is impossible to fight against the idea of a people-owned currency. The time has come for the people to take back the power, and that is what we will see in the years to come. Time is on Bitcoin's side. If you are patient and remain a Bitcoin HODLer no matter what, time will also work in your favor.
In Bitcoin We Trust
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