Balaji Srinivasan, venture capitalist and former CTO of Coinbase, has highlighted the real purpose of Bitcoin and its implications for geopolitical and financial issues. Srinivasan stated that Bitcoin at its core is a “political revolution,” because it challenges the centralized states’ business model, and the change brought by it will be fought by states who will try to seize it.
Balaji Srinivasan Predicts That States Will Try to Seize Bitcoin
Balaji Srinivasan, an Indian-American investor and former chief technology officer (CTO) of Coinbase, has profiled the role that Bitcoin will play in the geopolitical and financial future of the world. Answering a question about the true purpose of Bitcoin, Srinivasan explained that while it can be understood as a tech innovation, at its core Bitcoin was a “political revolution.”
Srinivasan detailed that by breaking the means to manipulate money issuance and the means of the governments to seize existing wealth, Bitcoin would allow individual citizens to build a voluntary network apart from the interests of their states.
Srinivasan explained:
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It (Bitcoin) allows free people to decide from scratch what collectives they want to form, what public goods they want to crowdfund, and what they want to voluntarily do together as a society.
Furthermore, he said that Bitcoin will divide nation-states into two sides: the ones that adopted Bitcoin early (like El Salvador and Bhutan) and those that will fail to ascertain the relevance and significance of its proposal.
This, Srinivasan stresses, will lead the second side to attack the cryptocurrency, pivoting on its previous views. He described that these nations will go “from questioning whether Bitcoin has any utility to calling it too powerful to leave in the hands of the citizenry. And then the attempts at seizure will begin.”
The investor has previously remarked on the relevance of Bitcoin, detailing that the sanction of the spot bitcoin exchange-traded funds (ETF) in January was equivalent to the reversal of Executive Order 6102, which confiscated gold from U.S. citizens in 1935.
Source: https://news.bitcoin.com/former-coinbase-cto-balaji-srinivasan-bitcoin-is-a-political-revolution/