The monumental clash between Bitcoin and the USD dollar holds the key to the future. Renounced crypto advocate Balaji S. Srinivasan has penned a thought-provoking post on why he believes that the real electoral contest of the century is between BTC and USD. Through his detailed analysis, Srinivasan makes some strong, persuasive points, urging readers to assess the transformative potential of the digital revolution.
In the extensive thread, the Bitcoin luminary highlights some key features of Bitcoin that set it apart from fiat. First is the inability to fake the price of BTC, unlike the mortgage-backed securities that were supposedly rated AAA [lowest default risk]. Secondly, the tradfi system has so far failed to permanently restrict the exit from dollars to Bitcoin. Recall that the SEC unsuccessfully fought against Grayscale for almost a decade to prevent ETF access.
Srinivasan lauded the ruling by the three judges in the Grayscale case. “I’m not sure if even those august magistrates yet understand that their decision may end up being among the most important rulings in history.” This, in turn, has driven more investments from conservative institutions, which were earlier wary of dipping their toes in “speculative” crypto assets.
US Senators Urge Transparency In Bitcoin ETF Disclosures
The American entrepreneur also referred to the Vanguard CEO’s recent resignation after 30 years. Industry insiders believe that the departure may be linked to the exec’s aversion to digital assets, which is seen as conflicting with current trends in the industry. These highlight the shifting landscape of the financial ecosystem.
This is the real election. So: that’s why Bitcoin vs. USD is the real election. It’s more important than GOP vs DNC. It’s an election where one candidate is in uncontrolled opposition. It’s an election where the whole world legitimately has the franchise because the whole world is diluted by the dollar. It’s an election where the world can deprecate the 20th century centralized state, and reverse a century of Keynesianism and Communism. Polling has begun. Go vote early and often.
Last week, US senators pressed the SEC to ensure crypto dealers give investors proper disclosures around BTC ETFs. Rhode Island Senator Jack Reed and California’s Laphonza Butler have acknowledged the vulnerabilities of the market, stating that the bitcoin market is more established and closely monitored compared to other cryptocurrencies but still susceptible to fraud and manipulation.