Hello HODLers,
Checking on the news I saw that during the past week they kept tralking about the Pandora papers, the new fiscal evasion drama.
Despite all the big headlines, 13,000 bns of assets in off-shore paradise is not a big news and most of them have been acquired legally and are put there to pay less taxes legally. In addition, as world citizens we are missing out on the potential taxes on it and not the overall number.
This was just 2 things I wanted to make clear and do not get me wrong, if these people cheated they should be punished. If they just used the legal loopholes; well our politicians should be punished :D.
Nevertheless, I came accross this article from Cointelegraph (I know, not the best crypto source: Institutions buying Bitcoin rather than gold as inflation cranks up: JPMorgan
JP Morgan is explaining that the recent rally of Bitcoin is due to instutional investors opting for it as an inflation hedge rather than for good old gold !
“Institutional investors appear to be returning to Bitcoin perhaps seeing it as a better inflation hedge than gold.”
As our Bitcoin hero stated, there has been an implicit endorsement of Bitcoin by major financial instutitions AND regulators. This is definitely very different than for Altcoins and Stablecoins.
Another positive is the relative success the rollout of El Salvador's Bitcoin plan. There has been some issues as it was expected but overall it should be considered a success. I will dig deeper into this roll-out and its flaws in my next post.
This roll-out would have been impossible with the 2nd layer lightning network. And it did work even with such a strong usage in El Salavador. Quite an important stepping stone if we expect Bitcoin to be one day a true global day to day currency.
It always impresses me how humans are able to readapt their narratives. It seems now normal that a country would use Bitcoin as legal tender currency. Why not? would anyone say.
In 2-3 years if Bitcoin continues to thrive, even the most pessimistic and enemies will soften their stance and convince themselves that they were not really anti-bitcoin.
We might need to remind them if they start claiming they always believed xD!
Funny enough, I was looking at a chart on Bogged.finance and during the loading time this popped-up:
Who would argue today? 10 years ago? 20 years ago?
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