This is a recurring argument in discussions about Bitcoin and I think it’s worth exploring.

Indeed, Bitcoin is a threat on the government’s control of the monetary system through central banks, and it would only be logical for said governments to defend their control over monetary policy. But I think that at this point they’ve already realized they cannot really “stop” Bitcoin, at least not overtly.

They started ignoring it and trying to silence any mention of the system. When this became impossible they began to try discrediting it and the propaganda tried to influence the public opinion by equating Bitcoin with delinquency and organized crime or even terrorism, but I think that did not work either.

So, I think Bitcoin will carry on, but the battle isn’t over, because I see two possible ways for Bitcoin to carry on.

1 – Bitcoin goes further with the support of the extractive elites (governments and big corporations which depend on the regulations) that achieve certain control over the system by legitimizing it but limiting the ways on which it can be used.

At this point I think if I was part of the ruling class I would try to use this method because it will be easily sold to the public. I would be a very progress oriented ruler by favouring new technologies while I “protect” citizens from the dangers of the system.

2 – Bitcoin goes further because its use is extended massively amongst people and governments and central banks can no longer “sell” to us the idea that we need to be protected from this new technology because everybody realizes that the supposed dangers waiting for us around the corner if everybody uses cryptocurrencies are just big lies.

At this point I think the only way governments will have to stop Bitcoin from becoming the world monetary system would be to ban it openly and enforce such ban via overt repression, which would get them to lose the only think they value, which are the votes keeping them in power.

I think anybody who reads these thoughts can imagine what I mean with all this, but in any case, after the “paywall” I made my thoughts about which camp is trying to go for number one and which camp is trying to go for number two clear.