Russia is considering selling its oil and gas for bitcoin as sanctions intensify from the West
https://ift.tt/EGpmHlX
Maintaining reserves in foreign “national currencies” exposes these reserves to policy risk in that foreign country.
For example, the Turkish Lira could suddenly drop in value for domestic reasons in Turkey. It would also require the foreign fiat *hodler* to keep his funds in a Turkish bank account, which could in turn be subjected to currency controls. The Russians are quickly going to get sick and tired of *hodling* foreign “national currencies”.
The reverse is also true. Are the customers of Russia want to expose their *hodlngs* to Russia-specific risk?
Therefore, all of this is a last-ditch attempt at saving the system of national fiat. It obviously won’t work.
**All of these people are going to grudgingly, kicking and screaming, end up switching to Bitcoin.**
Don’t underestimate how much they hate the idea! They will fight tooth and nail to avoid the ultimately inevitable.
**These people are gradually but surely being group-renormalized by the Bitcoin collective of hodlers.**
The collective of Bitcoin *hodlers* are effectively and successfully exercising **the dictatorship of a small minority**. We are by far **the most intolerant**, and therefore, **we win**!
In general, this situation is slowly but surely going to result in a spectacular anti-Statist victory over the Statists. We are clearly successfully imposing our views. I am telling you: Victory over the unbelievers!
Cryptocurrency
