Bitcoin has been making headlines recently as have all cryptocurrencies. The rise in values will always do that for a commodity of any sort. For the entire bloc of them to rise would garner media attention. Likewise, their price drops are reported. Moldbug wrote how Bitcoin could be killed instantly by USG, which still is true but has not happened yet. Is there an underlying cause that could give Bitcoin hope and potentially foreign help? Yes. Bitcoin is a revolt of savers.
Not just savers but holders of capital. Not just holders of dollars and capital but sovereigns seeing the dollar erode and USG continue to print. Gold is a way out, and it is easy to see those with dollars using them to buy gold. China continues to buy gold hand over fist. The interests high and low can align because you the small bitcoin user are the low but are part of the revolt.
The alignment is seeking the monetary trait of a store of value. Money is a medium of exchange, a unit of account but also a store of value. England is a good example where the pound held good value for over 100 years, collapsing after WW1 and the creation of the welfare state. Similar charts could hold for the Autro-Hungarian Empire, and this was something Stefan Zweig commented on as the comfort of the certainty with the currency. It allowed for long term planning and even acted as an incentive for saving as a dollar earned and saved could be counted on to be a dollar in later years. This is the savers' temperament.
This is not how our economy is set up. We are a consumer spending driven economy. Keynesians won every academic argument and then served the purpose of justifying forever pushing a consumer demand centric economy. We are so driven by this that our economy switched over from the productive focused industry side to a debt fueled economy that funded the marginal borrower to spur on activity because GDP is all that mattered. This applies to both left and nominal right. They ate the seed corn with the debt that was loaded onto corporations, households, home buyers, consumers and even students.
Added to this are FED and other central bank policies that continuously inject more money into the system. This continuous injection destroys one's capital by diluting it. Inflation is taxation yes, but it slaps an expiration date on your savings. It is not the frantic management of cash that hyperinflation causes, and please read about the 1980s and 1990s experience in Latin America for how to handle daily double digit rates of inflation. The subtle erosion is continuous and small, or not small, but arguably small because the same people eroding your capital are the ones fiddling with your government inflation statistics.
Savings becomes a threat. A bloc of savers can avoid the debt game. Savers can accumulate capital to then use as they see fit to challenge the regime. Savers can also invest their capital without the debt gatekeepers saying yea or nay to their desires. The debt game means that someone makes a decision about assigning you money to deploy. When you do not need leverage, you do not need their say in going forward or not. He who receives credit first also has the advantage for scarfing up assets, so the first receivers will be approved of by the system's men at the important nodes.
Bitcoin is not perfect. It can defy the system's current set up. Bitcoin can be endlessly split out so that slivers are used for paying but the potential for saying 1 Bicoin is a Bitcoin is a Bitcoin is there. Our financial infrastructure is geared towards using money purely as a medium of exchange and while not a majority or even a large minority, the saver bloc is out there. Like so many other tech processes that route around the current system, Bitcoin is this for money. This saver bloc can revolt and Bitcoin can be its means to achieving that capital accumulation and protection. Dedicated minorities with help from up high can create change or build new ecosystems. Bitcoin did not die in 2013. The rebellion lives on.