Cointime

Download App
iOS & Android

The Fall of Anti-Bitcoin

From Beautyon

As I’ve said many times before. Everyone and every nation will eventually capitulate to Bitcoin. The latest nation to capitulate is Great Britain, whose army of anti-Bitcoin propagandists has just received orders from The Motherland that Bitcoin is to be fully embraced.

For years, Frances Coppola has been one of the most strident, steadfast and consistent anti-Bitcoiners. You could rely on her to provide every irrational pretext for rejecting Bitcoin; every trope, misreading, propaganda line and pretext. She Podcasted against Bitcoin, wrote articles against it, and did everything you saw and would expect a hard core anti-Bitcoiner to say and do.

And now look at her.

In this BBC piece on Bitcoin, the entire narrative has turned 180° from “skepticism” to “Bitcoin is the future and we are now embracing it”.

Because America is embracing it.

Understand that this is just the first part of the total capitulation of Great Britain to Bitcoin. Frances says Bitcoin is good, “As a store of value” after having spent years saying that it is the opposite of a good store of value, “Because it is volatile”.

Bitcoin hasn’t changed. Frances has changed.

The capitulation narrative begins by conceding ground bit by bit. First they concede that Bitcoin is a store of value, next they will concede that it acts just like money and can be used for small, everyday transactions. They have no choice but to concede this.

For years I have been gently trying to persuade The British Government in public and private to take a rational stance on Bitcoin, precisely to avoid the 100% predictable outcome you are seeing today. Which is another country will be the leader in Bitcoin.

Right now, that leader is El Salvador, that has fully embraced the “Consumer Bitcoin” ecosystem by making it Legal Tender. The USA is a close second because the SEC was forced to capitulate by a court order to allow “Free People” to do math and make promises (Bitcoin ETFs).

El Salvador is missing the financialization part, and the USA is missing the Consumer Bitcoin part. Either one of these great countries could do both and take the lead; it all comes down to legislation and leadership.

Had they listened, neither El Salvador or America would have a chance to lead the world on The Golden Path to Bitcoin.

All the entrepreneurs, businesses, know how, software and systems expertise, methods of exchanging and conversion would have been born in Britain, and they would have been able to sell this expertise and invite people from all around the world to participate…and be taxed…in Britain.

They even had two of the world’s greatest experts on Bitcoin living in London, Max Keiser and Stacy Herbert, who are now official advisors to the government of El Salvador. Imagine what would have happened had Britain embraced them as advisors? First of all, their expertise would have been denied to other nations, and Britain would have been the leader by default.

But no. Britain chose the way of the Luddite, and even chased businesses out of Britain. Look at the headlines for yourself…

  • London-based digital wallet provider Mode is shutting down
  • Nexo ‘closing two UK subsidiaries
  • UK Shuts Down Temporary Crypto Company Licensing
  • PayPal to halt UK crypto sales until 2024
  • UK Regulators Order Shutdown of Cryptocurrency ATMs
  • London based Bitcoin App Bottle Pay Shuts Down

There are many Bitcoin infrastructure and consumer facing companies that started in Britain and left (Azteco is one of them) and that were shut down by the imposition of the most insane rules you could not imagine in your worst nightmare.

Wallets run by incorporations in the UK were told that they must not only KYC their users, but that they must also KYC the users who send Bitcoin to their users who are not their users!

I’m not making this up. The FCA has done a thorough job of killing any nascent Bitcoin startup running in the UK, dissuading companies not in the UK to do business from there and generally being a constant irritant. The receipts are available, obviously.

Watch now, as orders coming from on high cause the FCA to 180° on Bitcoin in a desperate, pathetic attemtpt to stanch the flow of brains from Britain.

It’s too late.

Not only did the FCA make it impossible to run a Bitcoin company in Britain, they deliberately made it impossible for any financial rails company to do business with a Bitcoin company.

I can tell you from first hand observation that all financial rails companies, even very big ones, are all terrified of the FCA, and will scarcely take a piss in their own offices without checking if the FCA allows it.

It therefore was impossible to run a Bitcoin business from inside Britain. That was the entire idea.

Now that that policy is abolished, you can expect a huge Public Relations campaign to be launched to try and induce Bitcoin Businesses to relocate in Britain.

They are going to have a hard time convincing anyone.

Why should anyone running a Bitcoin business incorporate in Britain when you can incorporate in El Salvador and be guaranteed that you not only have a stable, safe, First World level country, but that you will not, as a Bitcoin company, be taxed?

You’d have to be BARMY to risk putting down stakes in Britain when incorporating in El Salvador is a matter of a phone call.

And while we’re at it, as a suggestion, El Salvador must partially deregulate its banking sector, or it will lose this race forever.

What can you expect next from Frances Coppola in terms of narrative capitulation?

You can expect her and her class to concede that Bitcoin for consumers is a good thing, and that it can be used not only just as easily, but more safely for both consumers and business globally.

She will concede that Lightning is a real thing, and that on it, the entire world can use Bitcoin. She will concede that the Unbanked will all be put on Bitcoin. She will capitulate in everything she has said against Bitcoin, and abandon the prosaic, poetic pretexts for its failure, like, “The value of Bitcoin is exogenous” and other similar guff.

You were all told this was coming, and you refused to listen, either because your culture is anti entrepreneur, or because you were told to lie about Bitcoin in a vain attempt to prevent it from spreading.

Either way, you all failed.

Now the inevitable is inevitable. Bitcoin is going to do EXACTLY WHAT BITCOINERS SAID IT WAS GOING TO DO and there IS and was NOTHING YOU CAN DO ABOUT IT.

Bitcoiners won.

You LOST.

There is no inducement now that can be offered to any Bitcoiner to incorporate in Britain. That ship has sailed, like the ships taking the first colonists to New England.

No one is coming back, not even if you pay them. You can’t pay them because you have no money (BITCOIN) to pay them with! LOLOLOL!

And just so it’s perfectly clear, the other predictions about Bitcoin that we’ve been making (see the link in my profile) are also going to come true, and those are also now unstoppable, inevitable and very soon to come to pass.

YOU LOVE TO SEE IT!

Comments

All Comments

Recommended for you

  • Robinhood Chief Legal Officer Dan Gallagher Says He Won't Become SEC Chairman

    According to market news, Dan Gallagher, the Chief Legal Officer of Robinhood, stated that he would not serve as the Chairman of the US Securities and Exchange Commission.

  • Cosine: After a user used GPT to write a bot with a backdoor code, the private key was sent to a phishing website

    SlowMist Yu Xian stated in a post on the X platform that a user used GPT to write a bot with code and sent the private key to a phishing website. The reason why the private key was stolen was because it was directly sent to the phishing website in the HTTP request body. Yu Xian reminded that when using LLM such as GPT/Claude, one must pay attention to the common fraudulent behavior of these LLM. It was previously mentioned that AI poisoning attacks were carried out, and now this is a real attack case targeting the crypto industry.

  • U.S. Supreme Court rejects Facebook's attempt to avoid shareholder securities fraud lawsuit

     US Supreme Court rejected Facebook's attempt to avoid shareholder securities fraud lawsuits under the META umbrella.

  • The final value of the US one-year inflation rate in November is expected to be 2.6%, the expected value is 2.7%, and the previous value is 2.60%

     the expected final value of the US one-year inflation rate in November is 2.6%, with an expected value of 2.7% and a previous value of 2.60%. The expected final value of the US five-to-ten-year inflation rate in November is 3.2%, with an expected value of 3.1% and a previous value of 3.10%.

  • Polymarket Blocks French Users Amid Government Investigation into Gambling Law Compliance

    Polymarket has blocked users from France following reports of an investigation by the country's gaming authority for compliance with gambling laws. The ban was not stated in Polymarket's terms of service, but French users attempting to access the website using a VPN from a French server were met with a digital blockade. The ANJ, France's national gaming authority, began investigating Polymarket after a French trader placed large bets on Donald Trump winning the 2024 US Presidential election.

  • U.S. stocks open, most crypto stocks open lower

     the US stock market opened with the Dow Jones up 0.19%, the S&P 500 up 0.05%, and the Nasdaq up 0.01%. Most cryptocurrency stocks opened lower, with Coinbase (COIN.O) down 0.06%, MicroStrategy (MSTR.O) up 0.4%, and Riot Platforms (RIOT.O) down 2.6%. Previously, Bitcoin had risen above $99,000 before falling back.

  • Amazon to invest an additional $4 billion in Anthropic, OpenAI's rival

     Amazon is deepening its cooperation with Anthropic and will add an additional $4 billion investment to the company. In September of this year, Anthropic, an artificial intelligence startup, was seeking a new round of financing with a valuation of up to $40 billion. Anthropic was founded by former OpenAI executives in 2021 and focuses on creating interpretable, secure, and controllable artificial intelligence systems. The company's flagship AI model, Claude, operates based on "Constitutional AI," which uses predefined principles to guide its output, avoiding some erroneous or discriminatory output reactions.

  • Family Offices Evolve into Powerful Investment Entities with Innovative Strategies and Advanced Technologies

    Family offices, which traditionally focused on conservative investment strategies, have transformed into powerful investment entities with a focus on alternative investments, private equity, co-investments, venture capital, and impact investing. This shift has been driven by innovative financial solutions and modern investment strategies, responding to technological advancements and an evolving global financial landscape. Family offices are taking a more active role in direct investments and co-investments, particularly in high-growth companies and startups, enhancing their control and flexibility. They are also diversifying further into private markets and real assets due to geopolitical and macroeconomic uncertainties, while embracing innovative financing solutions and cutting-edge risk management techniques. Additionally, family offices are implementing AI technologies to improve their decision-making processes, particularly in investment analysis, reflecting their commitment to innovation and strategic planning.

  • The Evolution of Family Offices: Embracing Innovative Investment Strategies and Technology

    Family offices have shifted from conservative investment strategies to more active roles in direct investments and co-investments, thanks to innovative financial solutions and modern investment strategies. They are now leaders in alternative investments, private equity, co-investments, venture capital, and impact investing, leveraging their capital through non-recourse and limited-recourse financing to expand their investments across sectors and regions. Family offices are also adopting sophisticated risk management strategies, diversifying further into private markets and real assets, and integrating advanced technologies such as AI-driven platforms to enhance decision-making processes. A family office in the UAE, International Venture Investments Holding, takes an active investment approach, emphasizing operational autonomy and forming dedicated management teams for specific projects. The UBS Global Family Office Report 2024 shows that 78% of family offices plan to invest in generative artificial intelligence in the next two to three years.