Cointime

Download App
iOS & Android

The Fall of Anti-Bitcoin

From Beautyon

As I’ve said many times before. Everyone and every nation will eventually capitulate to Bitcoin. The latest nation to capitulate is Great Britain, whose army of anti-Bitcoin propagandists has just received orders from The Motherland that Bitcoin is to be fully embraced.

For years, Frances Coppola has been one of the most strident, steadfast and consistent anti-Bitcoiners. You could rely on her to provide every irrational pretext for rejecting Bitcoin; every trope, misreading, propaganda line and pretext. She Podcasted against Bitcoin, wrote articles against it, and did everything you saw and would expect a hard core anti-Bitcoiner to say and do.

And now look at her.

In this BBC piece on Bitcoin, the entire narrative has turned 180° from “skepticism” to “Bitcoin is the future and we are now embracing it”.

Because America is embracing it.

Understand that this is just the first part of the total capitulation of Great Britain to Bitcoin. Frances says Bitcoin is good, “As a store of value” after having spent years saying that it is the opposite of a good store of value, “Because it is volatile”.

Bitcoin hasn’t changed. Frances has changed.

The capitulation narrative begins by conceding ground bit by bit. First they concede that Bitcoin is a store of value, next they will concede that it acts just like money and can be used for small, everyday transactions. They have no choice but to concede this.

For years I have been gently trying to persuade The British Government in public and private to take a rational stance on Bitcoin, precisely to avoid the 100% predictable outcome you are seeing today. Which is another country will be the leader in Bitcoin.

Right now, that leader is El Salvador, that has fully embraced the “Consumer Bitcoin” ecosystem by making it Legal Tender. The USA is a close second because the SEC was forced to capitulate by a court order to allow “Free People” to do math and make promises (Bitcoin ETFs).

El Salvador is missing the financialization part, and the USA is missing the Consumer Bitcoin part. Either one of these great countries could do both and take the lead; it all comes down to legislation and leadership.

Had they listened, neither El Salvador or America would have a chance to lead the world on The Golden Path to Bitcoin.

All the entrepreneurs, businesses, know how, software and systems expertise, methods of exchanging and conversion would have been born in Britain, and they would have been able to sell this expertise and invite people from all around the world to participate…and be taxed…in Britain.

They even had two of the world’s greatest experts on Bitcoin living in London, Max Keiser and Stacy Herbert, who are now official advisors to the government of El Salvador. Imagine what would have happened had Britain embraced them as advisors? First of all, their expertise would have been denied to other nations, and Britain would have been the leader by default.

But no. Britain chose the way of the Luddite, and even chased businesses out of Britain. Look at the headlines for yourself…

  • London-based digital wallet provider Mode is shutting down
  • Nexo ‘closing two UK subsidiaries
  • UK Shuts Down Temporary Crypto Company Licensing
  • PayPal to halt UK crypto sales until 2024
  • UK Regulators Order Shutdown of Cryptocurrency ATMs
  • London based Bitcoin App Bottle Pay Shuts Down

There are many Bitcoin infrastructure and consumer facing companies that started in Britain and left (Azteco is one of them) and that were shut down by the imposition of the most insane rules you could not imagine in your worst nightmare.

Wallets run by incorporations in the UK were told that they must not only KYC their users, but that they must also KYC the users who send Bitcoin to their users who are not their users!

I’m not making this up. The FCA has done a thorough job of killing any nascent Bitcoin startup running in the UK, dissuading companies not in the UK to do business from there and generally being a constant irritant. The receipts are available, obviously.

Watch now, as orders coming from on high cause the FCA to 180° on Bitcoin in a desperate, pathetic attemtpt to stanch the flow of brains from Britain.

It’s too late.

Not only did the FCA make it impossible to run a Bitcoin company in Britain, they deliberately made it impossible for any financial rails company to do business with a Bitcoin company.

I can tell you from first hand observation that all financial rails companies, even very big ones, are all terrified of the FCA, and will scarcely take a piss in their own offices without checking if the FCA allows it.

It therefore was impossible to run a Bitcoin business from inside Britain. That was the entire idea.

Now that that policy is abolished, you can expect a huge Public Relations campaign to be launched to try and induce Bitcoin Businesses to relocate in Britain.

They are going to have a hard time convincing anyone.

Why should anyone running a Bitcoin business incorporate in Britain when you can incorporate in El Salvador and be guaranteed that you not only have a stable, safe, First World level country, but that you will not, as a Bitcoin company, be taxed?

You’d have to be BARMY to risk putting down stakes in Britain when incorporating in El Salvador is a matter of a phone call.

And while we’re at it, as a suggestion, El Salvador must partially deregulate its banking sector, or it will lose this race forever.

What can you expect next from Frances Coppola in terms of narrative capitulation?

You can expect her and her class to concede that Bitcoin for consumers is a good thing, and that it can be used not only just as easily, but more safely for both consumers and business globally.

She will concede that Lightning is a real thing, and that on it, the entire world can use Bitcoin. She will concede that the Unbanked will all be put on Bitcoin. She will capitulate in everything she has said against Bitcoin, and abandon the prosaic, poetic pretexts for its failure, like, “The value of Bitcoin is exogenous” and other similar guff.

You were all told this was coming, and you refused to listen, either because your culture is anti entrepreneur, or because you were told to lie about Bitcoin in a vain attempt to prevent it from spreading.

Either way, you all failed.

Now the inevitable is inevitable. Bitcoin is going to do EXACTLY WHAT BITCOINERS SAID IT WAS GOING TO DO and there IS and was NOTHING YOU CAN DO ABOUT IT.

Bitcoiners won.

You LOST.

There is no inducement now that can be offered to any Bitcoiner to incorporate in Britain. That ship has sailed, like the ships taking the first colonists to New England.

No one is coming back, not even if you pay them. You can’t pay them because you have no money (BITCOIN) to pay them with! LOLOLOL!

And just so it’s perfectly clear, the other predictions about Bitcoin that we’ve been making (see the link in my profile) are also going to come true, and those are also now unstoppable, inevitable and very soon to come to pass.

YOU LOVE TO SEE IT!

Comments

All Comments

Recommended for you

  • Crypto trading ecosystem LazyBear completes strategic financing of 4 million USDT

    The cryptocurrency trading ecosystem LazyBear announced the completion of a strategic financing of 4 million USDT, with participation from Gogeko Labs, DWF Labs, Shadow Labs, Salad Labs, Bees Network, REI Network, IBIT, Crypto Bullish, SYNBO Protocol, Bazaars, Sypool, Bitcoin Gbox, GemX Crypto, Wikibit, and others. It is reported that LazyBear is a cryptocurrency trading ecosystem for retail traders, committed to providing users with an industry-leading, low-fee, inclusive, and enjoyable trading experience.

  • Tether Invests $200M in Majority Stake of Brain-Computer Interface Company Blackrock Neurotech

    Tether's venture capital division, Tether Evo, has invested $200 million to acquire a majority stake in Blackrock Neurotech, a company that develops medical devices powered by brain signals to aid those impacted by paralysis and neurological disorders. The investment will fund the roll-out and commercialization of the devices and research and development purposes. Tether, the issuer of stablecoin USDT, has recently established four divisions to expand beyond stablecoin issuance and believes in nurturing emerging technologies with transformative capabilities. Paolo Ardoino, CEO of Tether, stated that Blackrock Neurotech's brain-computer-interfaces have the potential to open new realms of communication, rehabilitation, and cognitive enhancement.

  • Turnkey Raises $15M Series A Funding to Expand Wallet Infrastructure for Crypto Developers

    New York-based Turnkey has secured $15m in Series A funding led by Lightspeed Faction and Galaxy Ventures, with participation from Sequoia, Coinbase Ventures, Alchemy, Figment Capital, and Mirana Ventures. The company, founded by the team behind Coinbase Custody, offers a wallet infrastructure that enables developers to build anything that involves a wallet or cryptographic transaction. Turnkey plans to use the funds to expand operations and development efforts, and has already integrated with companies including Alchemy, Dynamic, Goldfinch, Halliday, Thunder Terminal, and Kinto. The product suite offers embedded and smart wallet services, biometric passkey logins, and seamless onboarding experiences for users.

  • Thai regulator to crack down on deceptive cryptocurrency ads

    Cryptocurrency advertisements that contain false, exaggerated, distorted, concealed, or misleading information violate Thai regulations. Regulatory agencies in major cryptocurrency markets have also taken similar measures to minimize investment losses in cryptocurrencies. For example, the UK Financial Conduct Authority (FCA) issued 450 illegal cryptocurrency advertising alerts in 2023 alone. In addition, in November 2023, the Spanish National Securities Market Commission, the main securities market regulatory agency, condemned fraudulent cryptocurrency asset promotion activities on X and reiterated the company's obligation to comply with local laws. The Thai Securities and Exchange Commission reminded cryptocurrency exchanges to include appropriate warnings about investment risks and to avoid attracting new users through special promotions. He warned that violating the above guidelines would result in "legal punishment".

  • Russia to impose cryptocurrency restrictions, exempting miners and central bank projects

    Russia will implement cryptocurrency restrictions, exempting miners and central bank projects. Starting from September 1st, Russia will impose strict restrictions on the circulation of cryptocurrencies such as Bitcoin, only allowing the issuance of digital financial assets within its jurisdiction. Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma, led this initiative. This is part of a wider government effort to control the cryptocurrency ecosystem in the face of escalating geopolitical tensions. Aksakov stated that the upcoming legislation aims to restrict non-Russian cryptocurrency transactions to strengthen the dominance of the ruble. Meanwhile, recent reports indicate that Russian entities have used cryptocurrencies, particularly Tether's USDT, to purchase key components for military technology.

  • Ethereum stablecoin transaction volume exceeds $1 trillion so far in April, setting a new record

    On April 29th, The Block data shows that as of April 28th, the trading volume of stablecoins on the Ethereum blockchain reached a record high of $1.08 trillion in April, with DAI trading volume ranking first at $578.07 billion, followed by USDC at $268.15 billion in second place, and USDT at $198.62 billion in third place.

  • Shenyu: Up to one billion users' cloud input methods may have leaked input content. Please take immediate measures to reduce the risk.

    On April 29th, Cobo co-founder and CEO Shen Yu wrote on X platform that the cloud input method used by up to one billion users may have leaked input content. If you have entered mnemonic words or other sensitive information through any of the following cloud input methods, please take immediate measures to reduce the risk.

  • EU member states prepare to enforce landmark crypto law, MiCA

    The European Union is set to enforce MiCA, a crypto law that mandates national regulators to license and supervise service providers. While the regulation is EU-wide, countries can implement slightly different technical standards that crypto firms must adhere to. MiCA's specialized rules for stablecoin issuers will take effect in a few months, followed by licensing and other requirements for crypto firms broadly in December. Each jurisdiction must transpose the EU regulation into local law, select which of their regulators will oversee crypto, and prepare to authorize token issuers and other service providers. Regulators are facing challenges in implementing the new legislation, particularly in terms of licensing requirements, and each country's crypto industry has its own concerns about implementation and proposed laws.

  • The total open interest of BTC contracts on the entire network dropped to $29.83 billion

    According to Coinglass data, the total open position of BTC futures contracts on the entire network is 478,180 BTC, equivalent to 29.83 billion US dollars.

  • An independent Bitcoin miner obtained the entire 3.125 BTC block reward by verifying block 841,286

    On April 29th, independent mining pool ckpool's software engineer and administrator Con Kolivas posted on social media that a miner had mined the 282nd independent block in Bitcoin history. The miner's computing power at the time was about 120PH, which is equivalent to about 0.12 EH, with an average of about 12 PH per week, accounting for about 0.02% of the total network hash rate.