TheCryptoCorner
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TheCryptoCorner

Bitcoin: Are We About to Witness The Largest Transfer of Wealth Ever?

The world is radically changing.

I know this is a cringe cliche statement but I feel few people seem to be paying attention to the narrative that is continuously evolving around Bitcoin.

We live busy and distracting lives, working our 9–5, socialising, getting bombarded by marketing and promotional materials, receiving goddamn scam calls, every single goddamn day….

All these distractions mean people can easily miss what’s right in front of them, and some of the greatest secrets are hidden in plain sight.

“In an information-rich world; information consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention. One needs to allocate that attention efficiently .”

Herbert A. Simon

Bitcoin has gone on a wild roller coaster ride since it was first introduced in 2009. It was forged with the idea to give humanity an alternative to exchanging value/money.

Bitcoin was the first piece of technology ever created to allow humans the ability to send digitised value without a centralised intermediary.

Bitcoin was mainly ignored by the majority as simply being a facade or scam and labeled to be only useful for dark web activities. However, slowly and quietly, it evolved and has become one of the biggest technological disruptors the world has ever seen.

Fast forward to the 9th of June 2021 and El Salvador has become the first country to pass a legislation through congress that allows Bitcoin to be adopted as legal tender.

El Salvador is a developing country that faces various political problems, so one could easily ignore this occasion. The country is plagued with some of the highest crime rates in South America and the decision to implement a dollarisation strategy in 2001 (adopting US Dollars as the main currency over their native Colon currency) did not provide the economic growth that it provided to countries like Ecuador.

El Slavador has been looking for a solution to lift the country from crime and poverty. The courage of Nayib Bukele, president of El Salvador, and the decision to pass the legislasation by congress might be the first step in the right direction towards helping the country grow.

Members of congress agreed by unanimous decision and the official document can be read here. It details the following:

  • Bitcoin is regulated as unrestricted legal tender with liberating power, unlimited in any transaction, to any title, public, private or person
  • The exchange rate between Bitcoin and USD, will be freely established by the market
  • Prices may be expressed in Bitcoin
  • Tax contribution may be paid in Bitcoin
  • USD will be used as the reference currency for accounting purposes
  • Exchange of Bitcoin will not be subjected to capital gains tax
  • The state will provide necessary training and mechanisms so the population can access bitcoin transactions

In 1968, John Mitchel (Richard Nixons attorney general) was asked by a reporter if civil rights laws would be enforced to which John Mitchel replied “watch what we do not what we say.”

Remember this as you read the following:

Elon Musk and Tesla invest $1.5 bilion into Bitcoin

Michael Saylor of Microstrattegy LLC, holding 92,000 Bitcoins valued over $3 billion

Billionaire Kevin O’Riley is investing 3% of his portfolio

Billionaires Tyler and Cameron Winklevoss own more than 100,000 Bitcoins

Billionaire Ray Dalio would rather own Bitcoin than Bonds

Billionaire Stan Druckenmiller calls Bitcoin better than gold

Billionaire Paul Tudor Jones invested 1–2% of his portfolio in Bitcoin

El Salvador uses Bitcoin as legal tender

Watch what we do not what we say

Do you own any Bitcoin? Id’ love to hear why you do or don’t so feel free to leave a comment below.

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Kyriacos Paleologos

Kyriacos Paleologos

The pen is mightier than the sword 🗡️