Matt David Kaye, Managing Partner of the digital assets hedge fund Blockhead, explained the role of Bitcoin (BTC) in modern conflicts between individuals and the state.
Breaking the Monopoly
Despite the fact that nothing unusual has happened from a historical perspective, Mr. Kaye published an introspective tweet about how this May broke the illusions for millions of people
In both democratic and authoritarian states, people have been forced to realize that governments are the only entities to have a monopoly on money or violence.
Mr. Kaye admitted that this order has not changed for generations. However, the expert highlights that 'it may or may not always stay that way'.
The opportunity for choice is what makes the flagship cryptocurrency look so interesting for Mr. Kaye.
Currency of Hard Times
In 2020, Bitcoin (BTC) has frequently been called the 'hedge against governance'. In January for instance, when the U.S. attacked Iran with a drone strike, the price of Bitcoin (BTC) reached $29,000 in the U.S. amid the backdrop of financial collapse.
In April, when Banque Du Liban (BDL), a central bank in Lebanon, started to grab 'hard currency' remittances from its citizens, 'Block Swan' author Nassim Nicholas Taleb recommended Bitcoin (BTC).
Finally, when the unpopular measures of the U.S. Fed Reserve put the U.S. Dollar on the edge of hyperinflation, several individuals from the investment community mentioned Bitcoin (BTC) as the only reliable asset.
E.g. Robert Kiyosaki, a real estate investor and author of several bestselling books, is sure that Bitcoin (BTC) can prevent the world from being destroyed by the U.S. Dollar's dominance.