Navigating your mind about this does look like that, where not a little old money in America says Bitcoin Scam
The enemy is not no-coiners. I don't care about a bunch of fools who don't understand basic economics. My concern goes to the money masters of America. Those people have historically used everything in their disposal to keep the world under a fiat standard, and now out of nowhere, the president promises the people bitcoin, a currency that completely undermines the purpose of fiat currency across the world. Something just doesn't add up.
I would think that there is going to be an attempt to harness and control bitcoin, but that does not mean that the attempt is going to be successful. Surely, the more and more that bitcoin is held in the hands of BIGGER institutions, then there may be attempts to make self-custody illegal and/or very difficult... but that does not mean that they are going to be successful in that, either.
I agree with your insinuation that the battle is not over, and it is likely going to take a long time to play out, including ups and downs along the way and ongoing casualties.
My concern goes to the money masters of America. Those people have historically used everything in their disposal to keep the world under a fiat standard, and now out of nowhere, the president promises the people bitcoin, a currency that completely undermines the purpose of fiat currency across the world. Something just doesn't add up.
A Bitcoin Reserve doesn't mean they'll create a Bitcoin Standard, just like having Gold Reserves does't mean there's a Gold Standard.
If this is going to be anything like the way people lost their gold to government, there may be a time when you can deposit your Bitcoin into a government wallet, in exchange for a digital receipt on your account. Then government can artificially increase the amount of Bitcoin in circulation, just like they did with fiat money after they abandoned the gold standard. And a decade from now, suddenly there are much more Bitcoins in circulation on accounts with banks, and the value of a "paper Bitcoin" gets devaluated. Gold is worth about 100 times more now than it was when the gold standard was abandoned. Or better yet: the dollars you received in exchange for your gold can now buy about 1% of your gold back.
If it's not obvious yet: I finally started reading The Bitcoin Standard ebook.Maybe "Not your keys, not your coins" works better to keep your own money than it did when people handed over their gold coins.
Surely self-custody is not going to be easy for governments (and financial institutions) to control, but the difficulty in trying to control self-custody does not mean that governments and/or financial institutions aren't going to try accomplish such. They might not have any other route that they believe to be feasible, rather than just giving up..and totally embracing it without conditions..
